TCREUR_Public/081211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 11, 2008, Vol. 9, No. 246

                            Headlines

A U S T R I A

ALTESSA LLC: Claims Registration Period Ends December 31
ARAX LLC: Claims Registration Period Ends December 31
DIGITAL MEDIA: Claims Registration Period Ends December 31
HOSPOGA LLC: Claims Registration Period Ends December 15
INTEX LLC: Claims Registration Period Ends December 31

* AUSTRIA: EU Commission Approves Financial Sector Support Scheme


B U L G A R I A

BNP PARIBAS: Moody's Withdraws 'Ba3' Ratings for Business Reasons
KREMIKOVTZI AD: Brazil's CSN Eyes Leasing Arrangement


F R A N C E

* FRANCE: EU Commission Authorizes Bank Recapitalization Scheme


G E R M A N Y

BARTH VERWALTUNGS-GMBH: Claims Registration Period Ends Jan. 2
BULK LOGISTIK: Claims Registration Period Ends January 2
CVO AUXILIUM-IT: Claims Registration Period Ends December 29
EURO-OFF-ROAD GMBH: Claims Registration Period Ends Dec. 31
GROUPAGE LOGISTIC: Claims Registration Period Ends January 2

HENNIGES AUTOMOTIVE: Goes Into Receivership
TMD FRICTION: German Companies File for Insolvency
VOLKSWAGEN AG: Fin'l Services Units Seek Gov't Aid
WEWERS-GUERTZGEN GMBH: Claims Registration Period Ends Dec. 20


I C E L A N D

LANDSBANKI ISLANDS: Seeks Chapter 15 Protection in Manhattan Court
LANDSBANKI ISLANDS: Voluntary Chapter 15 Case Summary


K A Z A K H S T A N

ANT-INVEST STROY: Proof of Claim Deadline Slated for January 23
AULIEKOL-2000 LLC: Creditors Must File Claims by January 27
BASE OIL: Claims Filing Period Ends January 23
DIP & K: Creditors' Claims Due on January 27
DONSKOYE LLC: Claims Registration Ends January 27

ELECTRO EK: Proof of Claim Deadline Slated for January 23
KAZ AUTO STROY: Creditors Must File Claims by January 23
TECH STROY MONTAGE: Claims Filing Period Ends January 27


K Y R G Y Z S T A N

AVTOMATIKA JSC: Creditors Must File Claims by January 23
NORD-ELECTRO: Creditors Must File Claims by January 23


N E T H E R L A N D S

BEST SME: Moody's Puts (P)Ba1 Rating on EUR105 Million Notes
CLONDALKIN INDUSTRIES: S&P Keeps 'B+' Corporate Credit Rating


P O L A N D

PRZEDZALNIA ZAWIERCIE: Commission Probes Into Restructuring Aid


R U S S I A

KRASNINSKIY EXPERIMENTAL: Creditors Must File Claims by Jan. 5
KAMENNOGORSKAYA OFFSET: Under Bankruptcy Procedure
KRIPTON 2000 LLC: Creditors Must File Claims by January 5
MIAN CJSC: Creditors Must File Claims by February 5
MIRAX GROUP: Moody's Assigns 'B3' Corporate Family Rating

ORION-X LLC: Creditors Must File Claims by January 5
OSTROVSKIY LES: Kostromskaya Bankruptcy Hearing Set Feb. 19
SHEKSNINSKIY FLAX: Creditors Must File Claims by February 5
SEV-MET LLC: Court Names N. Raykova as Insolvency Manager
SEVER-GAS OJSC: Arkhangelsk Bankruptcy Hearing Set April 2

SIBUR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
YUMITEKS LLC: Creditors Must File Claims by February 5

* S&P Takes Rating Actions on 25 Tranches in 11 European Deals


S P A I N

METROVACESA SA: Sale of HSBC Tower Reduces Debt by EUR950 Mln
TDA CAM: S&P Cuts Ratings on Two Class C Notes to 'BB'


S W E D E N

NEONODE INC: Swedish Unit Files for Bankruptcy


S W I T Z E R L A N D

AMANO JSC: Creditors Must File Proofs of Claim by December 21
BBS GASTRO: Deadline to File Proofs of Claim Set December 21
DUTTWEILER HOLDING: Creditors Have Until Dec. 21 to File Claims
ELEKTROBAU ARBON: Proofs of Claim Filing Deadline is December 21
SICU DAVOS: Creditors' Proofs of Claim Due by December 21

TOPOGRAFIK JSC: December 21 Set as Deadline to File Claims


U K R A I N E

ATEK-INVEST CJSC: Creditors Must File Claims by December 25
ATLANT PLUS: Creditors Must File Claims by December 25
COMPANY TECHNOLOGY: Creditors Must File Claims by December 25
ELITA BUD: Creditors Must File Claims by December 25
GLOBAL-SPORT LLC: Creditors Must File Claims by December 25

GROUP V2V: Creditors Must File Claims by December 25
LIGA-EXTRASERVICE: Creditors Must File Claims by Dec. 25, 2008
LUX GROUP: Creditors Must File Claims by December 25
ROVNO BUDLISAN: Creditors Must File Claims by December 25
UKRROSIMPEX LLC: Creditors Must File Claims by December 25


U N I T E D   K I N G D O M

AMERICAN INT'L: In Talks With Bank Polski On Sale of 2 Units
ARTISAN MIDLANDS: Appoints Joint Liquidators from Tenon Recovery
AXS-ONE INC: Sells US$1.1MM Convertible Promissory Notes, Warrants
BRITISH AIRWAYS: To Axe More Than 100 Jobs at Gatwick Airport
COMMENT RS: Goes Into Administration on Woolworths' Collapse

EUROSAIL-UK 2007-1NC: S&P Junks Classes E1c, ETc & FTc Notes
ICON DEVELOPMENTS: Taps Joint Administrators from Grant Thornton
IDEAL STELRAD: Hires Close Brothers to Advise on Restructuring
LANDMARK MORTGAGES 1: Fitch Affirms 'BB' Rating on Class D Notes
LANDMARK MORTGAGES 2: Fitch Junks Rating on Class D Notes

LIBRARY HOUSE: To Go Into Administration Following Demand Slowdown
MORSE CDO: Fitch Assigns Final 'BB' Ratings on Three Note Classes
OVOLO PUBLISHING: Taps Joint Administrators from Tenon Recovery
RIO TINTO: To Cut Net Debt by US$10 Bil. by End of 2009
SEVERN CRUISES: Names Joint Liquidators from Tenon Recovery

UK RECEIVABLES: Moody's Downgrades Ratings on 16 Note Classes
ULYSSES PLC: Fitch Downgrades Ratings on Class E Notes to 'BB+
VERTICAL BLIND: Taps Joint Liquidators from Tenon Recovery
VIANET GROUP: To Appoint Administrators; To Sell Sole Trading Unit
WAGON AUTOMOTIVE: Enters Into Administration

X X X X X X X X

* EU Commission Publishes Guidance on Bank Recapitalization
* Former Chrysler Chief Opposes Ouster of Big 3 CEOs

* Upcoming Meetings, Conferences and Seminars


                         *********


=============
A U S T R I A
=============


ALTESSA LLC: Claims Registration Period Ends December 31
--------------------------------------------------------
Creditors owed money by LLC Altessa (FN 7720d) have until
Dec. 31, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 14, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31, 2008, (Bankr. Case No. 4 S 159/08x).


ARAX LLC: Claims Registration Period Ends December 31
-----------------------------------------------------
Creditors owed money by LLC Arax (FN 74840i) have until
Dec. 31, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 16 55
         Fax: DW 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Jan. 14, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 4, 2008, (Bankr. Case No. 2 S 139/08s).


DIGITAL MEDIA: Claims Registration Period Ends December 31
----------------------------------------------------------
Creditors owed money by LLC Digital Media Connection Film &
Videoproduktion (FN 122023x) have until Dec. 31, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Wien
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 15, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 4, 2008, (Bankr. Case No. 5 S 115/08h).


HOSPOGA LLC: Claims Registration Period Ends December 15
--------------------------------------------------------
Creditors owed money by LLC Hospoga (FN 250875i) have until
Dec. 15, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Martin Prett
         Ringmauergasse 8
         9500 Villach
         Austria
         Tel: 04242/22 681
         Fax: 04242/ 22681-20
         E-mail: prett+fattinger@villach.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Dec. 22, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Room 225
         Klagenfurt
         Austria

Headquartered in Faak am See, Austria, the Debtor declared
bankruptcy on Nov. 14, 2008, (Bankr. Case No. 41 S 115/08).


INTEX LLC: Claims Registration Period Ends December 31
------------------------------------------------------
Creditors owed money by LLC Intex (FN 94264z) have until Dec. 31,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Wien
         Austria
         Tel: 587 78 20 Serie
         Fax: DW 9
         E-mail: ra.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 14, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30, 2008, (Bankr. Case No. 2 S 137/08x).


* AUSTRIA: EU Commission Approves Financial Sector Support Scheme
-----------------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, an Austrian package of measures aimed at stabilizing the
financial markets by providing guarantees, capital and loans to
eligible credit and insurance institutions.  After intensive
exchanges with the Austrian authorities, the Commission found the
scheme as amended to be in line with its Guidance Communications
on state aid to overcome the financial crisis.  In particular, the
measures provide for non-discriminatory access, are limited in
time and scope, require market oriented remuneration and contain
sufficient safeguards to avoid abuses.  The Commission therefore
concluded that the package was an adequate means to restore a
serious disturbance of the Austrian economy and as such compatible
with Article 87.3.b of the EC Treaty.

Competition Commissioner Neelie Kroes said: "After intensive
negotiations, the Austrian scheme has become a comprehensive tool
for stabilizing the financial sector, with some innovative
features such as the Clearingbank.  It is now fully in line with
the latest Commission guidance paper on recapitalization.  I am
confident that the scheme will help providing credit to the real
economy."

                   Detailed Negotiations

At the end of October, Austria informed the Commission about a
support scheme for credit and insurance institutions, aimed at
encouraging interbank lending and stabilizing the financial
markets.  After a series of exchanges and discussions with the
Commission on details of the scheme's implementation, an agreement
was reached on December 9.

The discussions were necessary to allow for an appropriate
assessment of the measures and to ensure that they are in line
with the relevant framework conditions, in order to avoid undue
distortions of competition within the Single Market.  These
contacts also ensured that there would be an adequate remuneration
for the capital injections and the necessary incentives for
institutions to repay the state capital.

                        The Measures

The Austrian package consists of two different legal measures.
First, guarantee measures with a total budget capped at EUR75
billion aimed at stabilizing the interbank market and set out in
the Austrian law "Interbankmarktstarkungsgesetz": To this end a
Clearingbank was created, which is guaranteed by the state.  It
will collect deposits from financial institutions and raise funds
on the markets and distribute these funds to other financial
institutions in need of funding.  In addition, the state can give
a guarantee for the issuance of financial instruments from
financial institutions.

Second, the "Finanzmarktstabilitatsgesetz" law provides for
additional measures, including state guarantees on the liability
and asset side, loans and recapitalizations, with a total budget
of EUR15 billion.

The major novel feature apart from the Clearingbank is a guarantee
for the asset side of the balance sheet, thus protecting recipient
banks from potential value adjustments of these assets, which must
be remunerated properly.  Two types of guarantees are possible:
First, if the guarantee is granted for balance sheet items which
are equal to the book (or a more recent) value, then the
remuneration for the asset guarantee follows the remuneration for
liability guarantees.  Second, if asset guarantees are given which
are higher than the book (or a more recent) value, then the
difference between the guarantee value and the book value is
interpreted as a capital injection and has to be remunerated
accordingly and be accompanied by a restructuring plan.  This
system of remuneration reduces the incentive for using this type
of guarantee and avoids abuses. Furthermore, the guarantee can
only be called if the bank fails.

The adequacy of a recapitalization is ensured by strict conditions
such as a dividend restriction and a remuneration corridor which
includes step-up clauses and a higher repayment of capital to the
state in some circumstances.  An even higher remuneration needs to
be asked from distressed banks.  The measure is fully in line with
the newly adopted Commission guidance on bank recapitalization.

Also the conditions of the liability guarantees are in line with
the Commission guidance.  The Commission considers the pricing of
the guarantees to be adequate especially since specific behavioral
conditions apply, such as a ban on advertising the state support.

                     Appropriate Means

The Commission found the scheme and the commitments to constitute
an appropriate means to restore confidence in the creditworthiness
of Austrian financial institutions and to stimulate interbank
lending.  The measures are well-designed and interventions will be
limited to what is necessary to achieve the stabilization of the
Austrian financial sector.

Finally, Austria has made the commitment to renotify the scheme
for prolongation if it should be applied beyond a period of six
months and to report every six months to the Commission on its
implementation.  This will enable the Commission to verify that
the measures are not maintained beyond the end of the financial
crisis.


===============
B U L G A R I A
===============


BNP PARIBAS: Moody's Withdraws 'Ba3' Ratings for Business Reasons
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of BNP Paribas
Personal Finance EAD for business reasons.  This action was taken
with the consent of both parties and does not reflect a change in
the bank's creditworthiness.  These ratings were withdrawn:

  -- Long-term and short-term issuer ratings: Ba3/Not Prime
     (positive outlook)

  -- Long-term and short-term senior unsecured debt ratings:
     Ba3/Not Prime (positive outlook)

Moody's previous rating action on BNP PF was on December 19, 2007,
when it upgraded the long-term issuer rating and the senior
unsecured debt rating to Ba3 from B2.

BNP PF is based in Sofia, Bulgaria and had consolidated total
assets of BGN277.3 million (EUR141.8 million) as at the end of
September 2008.


KREMIKOVTZI AD: Brazil's CSN Eyes Leasing Arrangement
-----------------------------------------------------
Companhia Siderurgica Nacional is considering a leasing
arrangement with Kremikovtzi, Jeff Fick at Dow Jones reports.

Benjamin Steinbruch, CEO of CSN, confirmed local market
speculation that the Brazilian integrated steelmaker had studied a
tie-up with Kremikovtzi, the report relates.

Mr. Steinburch however said the current global scenario and
financial crisis required companies "to be conservative in terms
of cash flow", the report notes.

CSN, the report notes, has previously shown interest in expanding
overseas.  It sought outlets for its high-quality steel slabs via
stakes in finishing mills that could turn them into hot-rolled
coils and other finished products, the report states.

                    About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer in
Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

As reported in the TCR-Europe on Aug. 8, 2008, the Sofia City
Court commenced insolvency proceedings against Kremikovtzi AD
after declaring it bankrupt.  The court appointed a temporary
bankruptcy administrator for the steelmaker.

The court also ruled that Kremikovtzi's insolvency started on Dec.
31, 2005.  As of Dec. 31, 2007, the company had BGN1.63 billion
(US$1.3 billion) in total debts.


===========
F R A N C E
===========


* FRANCE: EU Commission Authorizes Bank Recapitalization Scheme
---------------------------------------------------------------
In accordance with the state aid rules of the EC Treaty, the
European Commission has given the go-ahead to a capital-injection
scheme for banks designed by France to stabilize the financial
markets, restore confidence and enable French banks to increase
lending to the real economy.  This scheme complements the French
refinancing scheme approved by the Commission on
October 30 and introduces proper safeguards to limit distortions
of competition.  The Commission focused on the level of
remuneration payable to the state for the capital injected and on
the establishment of mechanisms to ensure that the state's
involvement in the banks' capital is as brief as possible.  As a
result the French authorities adjusted the level of remuneration
and introduced a mechanism for the payment of a premium on the
capital being reimbursed, enabling this objective to be achieved.
These safeguards will encourage the beneficiary banks to turn to
private operators as soon as conditions permit and thereby prevent
any crowding-out effect on the capital markets.  These conditions
are essential if state intervention is to be kept to what is
necessary to restore confidence on the financial markets.  The
Commission has therefore decided that the scheme is an
appropriate, necessary and proportionate means of remedying a
serious disturbance in the French economy.  It is, therefore,
compatible with the rules on state aid (Article 87(3)(b) of the EC
Treaty), as explained in the Communication on how these rules
apply to banks during the crisis.

Competition Commissioner Neelie Kroes said: "The French
recapitalization scheme provides France with effective means of
strengthening confidence on the markets and, above all, of
financing the real economy, while at the same time establishing
safeguards to limit distortions of competition.  It therefore
complements the refinancing measure approved by the Commission on
October 30."

Following discussions with the Commission, the French authorities
officially notified the Commission of the scheme to inject capital
into certain banks on December 3.

The scheme introduced by the French authorities is intended for
"fundamentally sound" banks which are under severe pressure to
increase their capital owing to the financial crisis. This
pressure could lead the banks to cut lending to the detriment of
the entire French economy.

The French authorities will intervene via the Societe de prise de
participation de l'Etat (SPPE), a state-owned investment company,
which will invest in securities issued by the beneficiary banks.
These securities will take the form of hybrid capital instruments
(subordinated debt securities classified as non-core Tier 1
capital) and be remunerated at a fixed rate for the first five
years and at a variable rate thereafter.  The remuneration, which
will average about 8%, will reflect the degree of solvency of each
beneficiary bank via a credit default swap (CDS) component,
whereby remuneration is modulated according to the risk of
default.

Under the scheme notified, the intervention of the French
authorities is capped at EUR21 billion.  The French authorities
have announced that their intervention will initially be limited
to EUR10.5 billion.

The Commission concludes that the capital-injection scheme is an
appropriate, necessary and proportionate means of stabilizing
financial markets, restoring confidence and enabling French banks
to increase lending to the real economy.

The scheme includes obligations for the beneficiary banks with
regard to financing the real economy.  These obligations will be
monitored both locally and nationally.  A mediation system is also
planned to ensure compliance with the obligations.

The beneficiary banks must also undertake to adopt measures
concerning the remuneration of senior management and market
operators (including traders) and to observe ethical rules
consistent with the general interest, including restrictions on
the remuneration of senior executives.  The rules also limit
severance payments to senior executives and ban all severance
payments where a senior executive or enterprise has failed or
where a senior executive leaves voluntarily.

Furthermore, both the level of remuneration on the securities and
a mechanism for the payment of a premium on the capital being
reimbursed serve to ensure that the state's involvement in the
banks' capital will be as brief as possible.  In view of these
considerations, the Commission considers the scheme compatible
with the EC rules on state aid, since it offers sufficient
guarantees that the sums injected by the state are actually used
to finance the real economy and do not unduly distort competition.


=============
G E R M A N Y
=============


BARTH VERWALTUNGS-GMBH: Claims Registration Period Ends Jan. 2
--------------------------------------------------------------
Creditors of Barth Verwaltungs-GmbH have until Jan. 2, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Feb. 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 3
         Zeughausgasse 14
         89073 Ulm
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Christian Huff
         Kammachergasse 1
         89073 Ulm
         Germany
         Tel: 0731/96800-0
         Fax: 0731/96800-15,
         E-mail: mail@oelmayer.com

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Barth Verwaltungs-GmbH
         Riedstr. 35
         72589 Westerheim
         Germany

         Attn: Juergen Fox, Manager
         Im Gruebler 10
         89150 Laichingen
         Germany


BULK LOGISTIK: Claims Registration Period Ends January 2
--------------------------------------------------------
Creditors of Bulk Logistik Service GmbH have until Jan. 2, 2008,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 55-57
         53474 Bad Neuenahr-Ahrweiler
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bulk Logistik Service GmbH
         Attn: Manfred Dahm, Manager
         Im Scheid 12
         56651 Niederzisssen
         Germany


CVO AUXILIUM-IT: Claims Registration Period Ends December 29
------------------------------------------------------------
Creditors of CVO Auxilium-IT GmbH have until Dec. 29, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         CVO Auxilium-IT GmbH
         Attn: Uwe Huebner, Manager
         Siemensstrasse 19
         40721 Hilden
         Germany


EURO-OFF-ROAD GMBH: Claims Registration Period Ends Dec. 31
-----------------------------------------------------------
Creditors of Euro-Off-Road GmbH have until Dec. 31, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 27, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Euro-Off-Road GmbH
         Aktienstr. 266
         45473 Muelheim an der Ruhr
         Germany

         Attn:Hans Juergen Kuentzel
         Tiergarten 19A
         45239 Essen
         Germany


GROUPAGE LOGISTIC: Claims Registration Period Ends January 2
------------------------------------------------------------
Creditors of European Groupage Logistic GmbH have until
Jan. 2, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Holger Harzig
         Wall 28
         42103 Wuppertal
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         European Groupage Logistic GmbH
         Werdohler Landstrasse 344
         58513 Luedenscheid
         Germany

         Attn: Elzbieta Helena Zortsis, Manager
         Bahnhofstr. 27
         58791 Werdohl
         Germany


HENNIGES AUTOMOTIVE: Goes Into Receivership
-------------------------------------------
Henniges Automotive Grefrath, its associated technical center and
a Czech subsidiary have gone into receivership, affecting 2,000
jobs, Plastics Information Europe reports.

Production at the four sites manufacturing EPDM, TPE, TPV and PVC
glassrun and door seals for vehicles however continues, while the
administrator seeks talks with three main OEM customers about new
projects, Plasteurope relates.

Plasteurope notes that although order books are said to be well
filled, jobs are still expected to be lost.

Plasteurope adds a sale of the company is being considered.


TMD FRICTION: German Companies File for Insolvency
--------------------------------------------------
Due to the sharp deterioration of conditions in the global
automotive industry, TMD Friction Group has been forced to file
its German operating and holding companies for self administration
insolvency.

Derek Whitworth, CEO of TMD Friction, said: "I am deeply saddened
that we have not been able to reach an agreement with our lenders
and shareholders to avoid this action.  Although the operative
business of TMD Friction is healthy, the rapid slowdown in the
automotive industry has led to a very high level of pressure on
our cash flow.  Additionally, our working capital requirements
have significantly increased following the withdrawal of credit
insurance from the entire automotive supply chain."

"Dr. Frank Kebekus from the renowned law office Kebekus &
Zimmermann has now been appointed as the interim insolvency
Administrator for the German companies.  I hope anyone familiar
with the industry will recognize the strong brand and long term
prospects of the business, allowing the prospect of a sale of TMD
Friction in its entirety as soon as possible.  I would like to
thank all my employees for their support and commitment in this
very difficult time", stated Mr. Whitworth.

                      About TMD Friction

TMD Friction Group -- http://www.tmdfriction.com/-- manufactures
brake friction materials.  Its product portfolio comprises disk
brake pads and drum brake linings for passenger cars and
commercial vehicles together with brake pads for racing and
friction materials for industry.  TMD Friction also supplies the
global aftermarket with its Textar, Pagid, Mintex, Don, Cobreq,
and Cosid brands.  With manufacturing facilities in Germany and
other European countries, the USA, Brazil, Mexico, China, Japan
and Malaysia, TMD Friction generated a turnover of EUR690 million
last year and employed 4,500 people worldwide.


VOLKSWAGEN AG: Fin'l Services Units Seek Gov't Aid
--------------------------------------------------
Volkswagen AG's financial services units have applied for
government aid totaling a figure in the "mid-single-digit billion
range" of euros, Bloomberg News reports citing Berlin-based
newspaper Die Welt.

According to Bloomberg News, Die Welt said the money from Soffin,
the government-inspired Financial Market Stabilization Fund, will
be used to provide car loan guarantees.

Volkswagen AG (OTC:VLKAY) -- http://www.volkswagenag.com/-- is a
Germany-based automobile manufacturer.  The Company consists of
two divisions: Automotive and Financial Services.  The activities
of the Automotive Division comprise the development of vehicles
and engines, as well as the production and sale of passenger cars,
commercial vehicles, trucks and buses, and the genuine parts
business.  The Financial Services Division's portfolio of services
includes the Company's dealer and customer financing, leasing,
banking and insurance activities and fleet management business.
The Company is made up of nine brands from six European countries:
Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Skoda,
Scania and Volkswagen Commercial Vehicles.  It operates 48
production plants in 13 European countries and a further six
countries in the Americas, Asia and Africa.  It sells its vehicles
in more than 150 countries worldwide.  During the year ended
December 31, 2007, the Company delivered some 6.2 million vehicles
to customers worldwide.


WEWERS-GUERTZGEN GMBH: Claims Registration Period Ends Dec. 20
--------------------------------------------------------------
Creditors of Wewers-Guertzgen GmbH have until Dec. 20, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 14, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 185
         Zweigertstr. 52
         45130 Essen
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Michael Woelte
         Pferdemarkt 6
         45127 Essen
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Wewers-Guertzgen GmbH
         Meisenburgstr. 268
         45219 Essen
         Germany

         Attn: Brigitte Wewers-Guertzgen, Manager
         Meisenburgstr. 266
         45219 Essen
         Germany


=============
I C E L A N D
=============


LANDSBANKI ISLANDS: Seeks Chapter 15 Protection in Manhattan Court
------------------------------------------------------------------
Iceland's Landsbanki Islands hf sought protection under Chapter 15
of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the
Southern District of New York on December 9, 2008.  Based in
Reykjavik, Landsbanki disclosed more than US$1 billion of both
assets and liabilities, according to various reports.

Kaupthing Bank hf on November 30 and Glitnir Banki hf on Nov. 26
have also sought Chapter 15 protection before the Manhattan court.
According to Reuters, all three banks had been seized by Iceland's
Financial Supervisory Authority as the global credit crisis
deepened.

Reuters relates that Kristinn Bjarnason, a court-appointed
assistants managing Landsbanki Islands' reorganization, told the
U.S. court that since 2006, the bank has issued US$2.6 billion of
notes in the United States.  Landsbanki's known assets in the
United States are bank accounts, some loan receivables and bonds
and stocks held for hedging purposes, Ms. Bjarnason said in a
court filing, according to Reuters.

Landsbanki has asked the U.S Court to recognize its bankruptcy
proceedings in Iceland as a foreign main proceeding under Chapter
15.

"The ultimate goal of Landsbanki is to satisfy the claims of
creditors and to try to preserve the value of the bank's assets to
the extent possible," Ms. Bjarnason said, according to Reuters.

Reuters notes that Iceland's banks had taken on billions of
dollars of debt in recent years to fund aggressive overseas
expansion.  After the country took a majority stake in Glitnir in
late September, Reuters relates, investors rushed to shed
Icelandic assets, causing the krona to sink and a bank run on the
nation's largest lenders.  Reuters says the International Monetary
Fund approved on November 19 a US$2.1 billion loan for Iceland as
part of an assistance package totaling about $10 billion.

On October 7, 2008, following the continued deterioration in the
financial markets, the Financial Supervisory Authority of Iceland
used powers granted by the Icelandic Parliament to take control of
Landsbanki.  Subsequently, New Landsbanki Bank hf was created and
Old Landsbanki's domestic Icelandic deposits, as well as
significant Old Landsbanki assets relating to its Icelandic
operations, were transferred to it.  New Landsbanki is wholly
owned by the Icelandic Government.

New Landsbanki has taken over all of Old Landsbanki's domestic
Icelandic deposits, together with significant Old Landsbanki
assets that were related to its Icelandic operations, such as
loans and other claims.  Old Landsbanki retains all liabilities
and assets not transferred to New Landsbanki.

New Landsbanki will issue a bond to Old Landsbanki, the face value
of which will be the net difference between the assets and
liabilities transferred into New Landsbanki from Old Landsbanki,
to reflect a fair value asset adjustment verified by an
independent third party.

A Resolution Committee has been appointed by the FME to supersede
the board of directors of Old Landsbanki.  The role of the
Resolution Committee is to oversee the realization of assets,
maximize the value as much as possible, and retain within Old
Landsbanki until a formal process of payment distribution
commences.

On October 30, the Resolution Committee appointed the U.K. limited
liability partnership of Deloitte & Touche LLP to assist with the
communication and consultation with all remaining creditors of Old
Landsbanki including its international branches.  The Resolution
Committee tapped Deloitte to assist it in setting up an informal
committee of creditors representing a broad cross section of
financial institutions, bond holders, international deposit
holders, and other creditors.

On November 14, the first informal creditors' committee meeting
was in Reykjavik.  The ICC is made up of creditors and creditor's
representatives of Old Landsbanki representing the interests of
different classes and types of creditors.  According to Mr. Larus
Finnbogason, Chairman of the Resolution Committee, the meeting
discussed the background to Landsbanki's operations and the
circumstances leading up to action taken by the Icelandic
financial regulator.  Attendees were informed of actions being
taken by the Resolution Committee to both maximize long-term value
and protect assets for stakeholders and there was a discussion of
the way forward for Old Landsbanki to achieve the best long-term
result for stakeholders.

The Resolution Committee said it looks forward to working closely
with the ICC towards a solution that maximizes recovery for all
stakeholders.


LANDSBANKI ISLANDS: Voluntary Chapter 15 Case Summary
-----------------------------------------------------
Chapter 15 Debtor: Landsbanki Islands hf.
                  Austurstraeti 11, IS 155
                  Reykjavik, Iceland

Bankruptcy Case No.: 08-14921

Type of Business: The Debtor is a financial institution.

                 See: http://www.landsbanki.is/

Chapter 15 Petition Date: December 9, 2008

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtor's Counsel: Gary S. Lee, Esq.
                 glee@mofo.com
                 Morrison & Foerster LLP
                 1290 Avenue of the Americas, 40th Floor
                 New York, NY 10022
                 Tel: (212) 468-8042
                 Fax: (212) 468-7900

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion


===================
K A Z A K H S T A N
===================


ANT-INVEST STROY: Proof of Claim Deadline Slated for January 23
---------------------------------------------------------------
LLC Consruction Company Ant-Invest Stroy has declared insolvency.
Creditors have until Jan. 23, 2009, to submit written proofs of
claim to:

         LLC Consruction Company Ant-Invest Stroy
         Kabanbai Batyr Str. 66-17
         Almaty
         Kazakhstan


AULIEKOL-2000 LLC: Creditors Must File Claims by January 27
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLC Auliekol-2000 insolvent.

Creditors have until Jan. 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitutsynov Str. 70
         Kostanai
         Kazakhstan


BASE OIL: Claims Filing Period Ends January 23
----------------------------------------------
LLC Base Oil Consulting has declared insolvency.  Creditors have
until Jan. 23, 2009, to submit written proofs of claim to:

         LLC Base Oil Consulting
         Azerbaev Str. 58
         050059 Almaty
         Kazakhstan


DIP & K: Creditors' Claims Due on January 27
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLC DIP & K insolvent.

Creditors have until Jan. 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 27-20
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 777 382 70-00


DONSKOYE LLC: Claims Registration Ends January 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLC Donskoye insolvent.

Creditors have until Jan. 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


ELECTRO EK: Proof of Claim Deadline Slated for January 23
---------------------------------------------------------
LLC Prom Electro Ek has declared insolvency. Creditors have until
Jan. 23, 2009 to submit written proofs of claim to:

         LLC Prom Electro Ek
         Sovetov Str. 3-6
         Ekibastuz
         Pavlodar
         Kazakhstan


KAZ AUTO STROY: Creditors Must File Claims by January 23
--------------------------------------------------------
LLC Kaz Auto Stroy has declared insolvency.  Creditors have until
Jan. 23, 2009, to submit written proofs of claim to:

         LLC Kaz Auto story
         Office 202a
         Abai ave. 76/109
         Almaty
         Kazakhstan
         Tel: 8 701 787 00-31


TECH STROY MONTAGE: Claims Filing Period Ends January 27
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLC Tech Stroy Montage insolvent.

Creditors have until Jan. 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Eseberlin Str. 115a
         Almaty
         Kazakhstan
         Tel: 8 777 688 60-47


===================
K Y R G Y Z S T A N
===================


AVTOMATIKA JSC: Creditors Must File Claims by January 23
--------------------------------------------------------
Bishkek Branch of JSC Avtomatika has declared insolvency.
Creditors have until Jan. 23, 2009, to submit written proofs of
claim:

The company can be reached at: (+996 312) 29-20-23


NORD-ELECTRO: Creditors Must File Claims by January 23
------------------------------------------------------
LLC Nord-Electro has declared insolvency.  Creditors have until
Jan. 23, 2009, to submit written proofs of claim to:


         Geofizicheskaya Str. 10
         Shopokov
         Sukuluksky
         Chui
         Kyrgyzstan


=====================
N E T H E R L A N D S
=====================


BEST SME: Moody's Puts (P)Ba1 Rating on EUR105 Million Notes
------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to five classes of floating rate notes to issued by BEST SME 2008
B.V.:

  -- (P)Aaa to the EUR9,912,000,000 Class A Floating Rate Notes
     due 2026;

  -- (P)Aa1 to the EUR53,000,000 Class B Floating Rate Notes due
     2026;

  -- (P)Aa3 to the EUR263,000,000 Class C Floating Rate Notes due
     2026;

  -- (P)Baa1 to the EUR168,000,000 Class D Floating Rate Notes
     due 2026; and

  -- (P)Ba1 to the EUR105,000,000 Class E Floating Rate Notes due
     2026.

Moody's has not assigned ratings to the subordinated
EUR263,000,000 Class F Floating Rate Notes due 2026.

Best SME 2008 B.V. is second in a series of transactions backed by
loans to Dutch small and medium sized enterprises for Rabobank
after the synthetic deal BEST SME 2007.  Unlike that first deal
that had a portfolio of current account facilities, BEST SME 2008
is a static cash securitization which relates to the risk of a
portfolio of term loans to SMEs originated by the local Rabobanks.
The provisional portfolio consists of 65,137 term loans to 45,343
small and medium sized companies domiciled in The Netherlands for
an amount of approx. EUR10.5bn million.  The portfolio is very
granular with the top borrower and top fifty borrowers
representing 0.1% and 4.21% of the total portfolio respectively.

The issuer will finance the acquisition of the portfolio with
funds to be raised through the issuance of Notes.  The total
initial purchase price of the receivables will be equal to the net
proceeds received from the issue of the rated Class A to Class E.
Moody's assessed the credit quality of the granular SME loan
portfolio using both historical data covering the last 17 years
and internal credit risk estimates (i.e. rating and loss given
default estimates by Rabobank).

According to Moody's, the ratings take account of, among other
factors, the guaranteed excess spread at a level of 80 bps per
annum, the subordination of the respective lower tranches and the
initial cash reserve representing 2.5% of the rated notes funded
by the issuance of Class F at closing.

Moody's analyzed this transaction using the rating methodology for
EMEA ABS transactions backed by loans to SMEs as described in the
Rating Methodology report.

  -- Date of previous rating action: no previous rating action
     since initial rating assignment.


CLONDALKIN INDUSTRIES: S&P Keeps 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Netherlands-based packaging group Clondalkin Industries
B.V. to negative from stable.  At the same time, all ratings on
Clondalkin and related entities were affirmed, including the 'B+'
corporate credit rating.

"The outlook revision reflects weaker market conditions and
customer de-stocking, which have weakened Clondalkin's operating
profits and credit measures.  In addition, a bleak near-term
market outlook is creating uncertainty about the pace of recovery
of Clondalkin's financial performance," said S&P's credit analyst
Alf Stenqvist.

The negative impact of weaker credit measures is mitigated by the
group's continued adequate liquidity position and long-dated debt
maturity profile.

The ratings on Clondalkin continue to reflect the group's highly
leveraged financial profile, its exposure to raw material cycles
through some of its products, and leading niche positions in
normally stable, but competitive, packaging markets.

Clondalkin is highly leveraged.  On Sept. 30, 2008, it had total
debt of EUR816 million including shareholder loans (with accrued
interest).

The negative outlook reflects the possibility that the ratings
could be lowered in the near term if S&P believes that the group's
credit measures will remain below S&P's expectations for the
ratings over a longer than acceptable period.  Clondalkin's
weakening operating performance and credit measures, and the bleak
near term market outlook create uncertainty about the pace of
recovery.  This also means that flexibility for any further bolt-
on acquisition is very limited in the near term.


===========
P O L A N D
===========


PRZEDZALNIA ZAWIERCIE: Commission Probes Into Restructuring Aid
---------------------------------------------------------------
The European Commission has opened an in-depth investigation under
EC Treaty state aid rules to establish whether approximately
EUR2.7 million (PLN10.4 million) of aid, which Poland intends to
grant for the restructuring of Przedzalnia Zawiercie, is in line
with the EU Guidelines on state aid for rescuing and restructuring
firms in difficulty.  Przedzalnia Zawiercie produces pure cotton,
viscose and technical fabrics yarn.  The Commission has doubts
whether the company is eligible for new restructuring aid, as it
had already received state support in the past.  The Commission
also needs to verify whether the notified restructuring plan is
sufficient to restore the company's long term viability and
whether the aid is limited to the minimum necessary.  The
Commission further has to determine whether the compensatory
measures are adequate and ensure that the aid would not create an
undue distortion of competition within the EU.  The opening of an
in-depth investigation allows interested parties to comment on the
proposed measures.  It does not prejudge the outcome of the
procedure.

EU Competition Commissioner Neelie Kroes said: "This company faces
enduring difficulties and has already established its third
restructuring plan.  We have to make certain that taxpayers' money
is spent on a project capable of leading to long-term viability
and not merely to cover ongoing losses."

In June 2008, Poland notified the planned restructuring aid to the
state-owned company Przedzalnia Zawiercie.  The company faces
long-lasting difficulties which worsened after the 2005
liberalization of world trade in textiles.  Although the company
has implemented restructuring measures from as early as 2003, it
has not been able to efficiently remedy its difficulties.


===========
R U S S I A
===========


KRASNINSKIY EXPERIMENTAL: Creditors Must File Claims by Jan. 5
--------------------------------------------------------------
Creditors of OJSC Krasninskiy Experimental Specialized Plant
(Production of Metal Structures) have until Jan. 5, 2009, to
submit proofs of claims to:

         Ye. Sazonov
         Insolvency Manager
         Apt. 84
         Prospect Revolutsii 52
         Rybinsk
         152930 Yaroslavskaya
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62–5064/2008.

The Debtor can be reached at:

         OJSC Krasninskiy Experimental Specialized Plant
         Komsomolskaya Str. 1
         Krasnuy
         216100 Smolenskaya
         Russia


KAMENNOGORSKAYA OFFSET: Under Bankruptcy Procedure
--------------------------------------------------
The Arbitration Court of Saint-Petersburg has commenced external
management bankruptcy procedure on CJSC Kamennogorskaya Offset
Paper Plant.  The Case is docketed under No. A56–12745/2008.

The External Insolvency Manager is:

         K. Dodulatov
         Office 2
         Building 2
         Lomonosova Prospect 92
         163061 Arkhangelsk
         Russia

The Debtor can be reached at:

         CJSC Kamennogorskaya Offset Paper Plant
         Leningradskoe shosse 54
         Kamennogorsk
         188950 Vyborgskiy
         Leningradskaya
         Russia


KRIPTON 2000 LLC: Creditors Must File Claims by January 5
---------------------------------------------------------
Creditors of LLC Kripton 2000 (Non-ferrous Metallurgy) have
until Jan. 5, 2009, to submit proofs of claims to:

         A. Rodionov
         Insolvency Manager
         Armavirskaya Str. 37
         Yeysk
         353680 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy convenes at 10.00 a.m. on
Feb. 25, 2009, to hear bankruptcy proceedings. The case is
docketed under Case No. A-32–20870/2008–2/1363B.

The Debtor can be reached at:

         LLC Kripton 2000
         Selezneva Str. 203
         Krasnodar
         Russia


MIAN CJSC: Creditors Must File Claims by February 5
---------------------------------------------------
Creditors of CJSC MIAN (Moscow Real Estate Investment Agency)
have until Jan. 5, 2009, to submit proofs of claims to:

         A. Kropotin
         Insolvency Manager
         Office 504
         Sovetskaya Str. 61
         410056 Saratov
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-16298/08-78-46B.

The Debtor can be reached at:

         CJSC MIAN
         Krasnaya Presnya Str. 22
         Moscow
         Russia


MIRAX GROUP: Moody's Assigns 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating to
Mirax Group Holding B.V. and withdrew the B2 CFR on review for
downgrade of Mirax Group LLC.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned
Baa3.ru national scale rating to Mirax Group Holding B.V. and
withdrew the A3 national scale rating of Mirax Group LLC.  The
outlook of all rating is negative.

The rating action was prompted by the fact that in 2008 Mirax
completed the corporate restructuring and incorporated a new
holding company Mirax Group Holding B.V. Mirax Group LLC,
previously rated at B2 CFR on review for downgrade ceased to exist
and therefore the rating was withdrawn.

Mirax' B3 corporate family rating and Baa3.ru.ru national scale
rating reflect primarily these: (i) the company's leading
positions in the market and historical stable financial
performance evidenced by 2006 and 2007 operational and financial
results; (ii) a track record of successful implementation of its
strategy of project diversification and expansion of its projects
portfolio; (iv) the company's historical adherence to a
conservative financial policy; and (v) improved corporate
governance, as evidenced by a more transparent corporate structure
and strengthened internal control systems.

At the same time Moody's commented that the worsening operating
environment in the industry is likely to lead to significantly
lower cash flows generated by Mirax than has been previously
anticipated, and hence somewhat impact its financial strength
going forward.  In October 2008 Mirax announced the postponement
of certain projects.  Moody's notes that current market conditions
may challenge the timely completion and marketing of the current
pipeline of started projects, which includes some sizable
buildings.

Moody's notes that the relatively short maturity profile of its
debt with a total US$ 476 million due in the next 2 quarters,
makes the company dependent on its ability to continue to generate
projected cash flow or arrange alternative refinancing facilities.
The rating is based on the assumption that, despite the challenges
in the intermediate term brought about by the economic
circumstances, the company will be able to demonstrate its ability
to continue to operate its business model by executing it
development plans and generating cash-flow sustainably in order to
be able to service debt.

On the more cautious note, the ratings continue to reflect: (i)
the limited operating history and the risks involved with
development company operating at such high growth rates and
working on very complex projects; (ii) the risk involved with the
dependence on a single market (Moscow); (iii) risk of completion
of large projects and concentration of revenue on a few projects;
(iv) a potential margin squeeze that could result from expected
decline in prices for residential and commercial real estate; and
(v) Russia's evolving legal and operating environment for real
estate development, with a weak jurisdiction system and property
rights protection.

The negative outlook reflects uncertainties associated with
Mirax's ability to continue to generate positive cash flow at a
sufficient level to finance on-going projects as well as the
challenges to refinance in an expeditious manner the upcoming
maturities in order to sustain the liquidity of the group.
Expected reduction in real estate prices and fall in demand may
significantly weaken the sources, both from customers and external
sources, needed to complete the current backlog of projects.  The
funding options, due to uncertainty in the capital and banking
markets and low visibility for prospects of short term recovery,
are constrained at this stage.

Moody's last rating action was taken on October 16 2008 when the
company was placed under review for possible downgrade after Mirax
has announced the postponement of certain projects, the agency
comments that the current market conditions may challenge the
timely completion and marketing of the current pipeline of started
projects, which includes some sizable buildings.

The principal methodology used in rating Mirax was Global
Homebuilding Industry Rating Methodology, December 2004 (90996),
which can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings methodologies
subdirectory.  Other methodologies and factors that may have been
considered in the process of rating Mirax can also be found in the
Credit Policy & Methodologies directory.

Mirax Group Holding B.V. was incorporated in 2008 in the
Netherlands as a result of corporate restructuring of Mirax Group.
It is now one of the five largest real estate development
companies in Moscow, with a strong market position in the
development of business class offices and premium housing.  Apart
from developing several residential and commercial real estate
complexes, Mirax is currently constructing the Federation Tower
which, when finished, will be the tallest building in Europe.  In
2007, the company reported revenue of approximately
US$1.28 billion and EBITDA of US$589 million.  The company is
majority owned by Mr. Sergey Polonsky, chairman of the board of
directors.


ORION-X LLC: Creditors Must File Claims by January 5
----------------------------------------------------
Creditors of LLC Orion-X (Construction) have until Jan. 5, 2009,
to submit proofs of claims to:

         Ye. Sazonov
         Insolvency Manager
         Apt. 84
         Prospect Revolutsii 52
         Rybinsk
         152930 Yaroslavskaya
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A52–4606/2008.

The Debtor can be reached at:

         LLC Orion-X
         Zelenaya Str. 15
         Porkhov
         182620 Pskovskaya
         Russia


OSTROVSKIY LES: Kostromskaya Bankruptcy Hearing Set Feb. 19
-----------------------------------------------------------
The Arbitration Court of Kostromskaya will convene at 9.00 a.m.
on Feb. 19, 2009, to hear bankruptcy supervision procedure on LLC
Ostrovskiy Les Wood Production Enterprise (TIN 4421003780, PSRN
1024402635839).  The case is docketed under Case No. A31–
4386/2008–28.

The Temporary Insolvency Manager is:

         D. Timofeyev
         Post User Box 49
         Mira Prospect 21
         156000 Kostroma
         Russia

The Debtor can be reached at:

         LLC Ostrovskiy Les
         Novaya Str. 1
         Gulyaevka
         Ostrovskiy
         157980 Kostromskaya
         Russia


SHEKSNINSKIY FLAX: Creditors Must File Claims by February 5
-----------------------------------------------------------
Creditors of OJSC Sheksninskiy Flax-Processing Plant have until
Feb. 5, 2009, to submit proofs of claims to:

         A. Kalachev
         Insolvency Manager
         Prospect Pobedy 55/7
         160035 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–2129/2008.

The Debtor can be reached at:

         OJSC Shekninskiy Flax-Processing Plant
         Nifantovo
         Sheksninskiy
         Vologodskaya
         Russia


SEV-MET LLC: Court Names N. Raykova as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Murmansk appointed N.Raykova as
Insolvency Manager for LLC Sev-Met (Scrap Processing).  The case
is docketed under Case No. A42-3178/2008.  He can be reached at:

         Lenina Prospect 22A
         Petrozavodsk
         Russia

The Debtor can be reached at:

         LLC Sev-Met
         Belomorskaya Str. 26
         Kandalaksha
         Russia


SEVER-GAS OJSC: Arkhangelsk Bankruptcy Hearing Set April 2
----------------------------------------------------------
The Arbitration Court of Arkhangelsk will convene on Apr. 2, 2009,
to hear bankruptcy supervision procedure on OJSC Sever-Gas.  The
case is docketed under Case No. F05-11616/2008.

The Temporary Insolvency Manager is:

         S. Matyugin
         Office 56
         Building 1
         K. Marksa Str. 31
         163000 Arkhangelsk
         Russia

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Sever-Gas
         Chumbarova-Luchinskogo Str. 37
         163000 Arkhangelsk
         Russia


SIBUR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed Russia-based petrochemical producer
OJSC SIBUR Holding's Long-term Issuer Default rating at 'BB'.  The
Long-term IDR has simultaneously been removed from Rating Watch
Negative, which was applied on March 4, 2008, and the Outlook on
SIBUR's Long-term IDR is now Stable.  The Short-term IDR is
affirmed at 'B'.

The rating action reflects Fitch's view that SIBUR is well-
positioned to face the challenges of an expected cyclical
chemicals downturn, which is being exacerbated by the global
economic downturn's impact on Russia, while maintaining a
conservative financial profile, including adequate liquidity,
moderate financial leverage and preservation of its business
model.  While the company is undertaking s cost control and
optimization measures, management is adjusting modernization and
expanding capex to available funding following reasonable
selection criteria and a selective approach regarding potential
downstream acquisition targets.

The 'BB' rating reflects SIBUR's position as the largest
vertically integrated petrochemicals producer in Russia in terms
of revenues (RUR142.6 billion (US$5.6 billion)), and its leading
domestic market positions in most of its products.  The ratings
benefit from SIBUR's strong and competitive cost position in an
industry-wide comparison based on its access to competitively
priced feedstock, which has resulted in strong profitability and
generated positive free cash flow since FY05.  The ratings are
also underpinned by SIBUR's solid financial profile after
significant de-leveraging since 2003.

However, the ratings are constrained by SIBUR's ambitious, mainly
debt financed capex program, amounting to a cumulative RUR74
billion (US$2.7 billion) between 2008 and 2012, resulting in a
projected increase in leverage (net debt/EBITDA) to 1.7x and
related execution risk.  SIBUR is exposed to the volatility of
feedstock, energy, and petrochemicals product pricing, while
operating mainly in the Russian market and business environment.
The ratings incorporate the expected supply-driven downturn in the
chemicals cycle, characterized by significant capacity coming on
stream in the Middle East and Asia, which is expected to depress
global operating rates and petrochemicals product pricing.
Additionally, Fitch expects a marked slowdown in global demand,
which will likely prolong the period needed to absorb excess
petrochemicals capacity.

Total debt at end-Q3FY08 due to capital expenditures increased to
RUR26.6 billion from RUR20.2 billion, resulting in a slight
increase to 16.9% of total capitalization from 16.1% at FYE07.
SIBUR has been operating with a relatively low financial leverage,
with reported net debt to EBITDA of 0.4x at end-Q3FY08, down from
0.6x at FYE07.  SIBUR's liquidity position is adequate with RUR7.0
billion in cash on SIBUR's balance sheet at end-Q3FY08 versus
RUR3.9 billion at FYE07.  At end-Q3FY08, SIBUR had funds available
in committed credit facilities of around US$570 million (RUR15.4
billion).  Fitch is confident that debt maturing in FY09 of around
US$542 million (RUR14.6 billion) can be repaid by SIBUR out of
either available liquidity or from cash flows from operations
generated by the company.   Fitch expects SIBUR to follow a
conservative financial policy as expressed in a long-term target
leverage ratio of net debt to EBITDA below 2.0x, despite its capex
program between 2008 and 2012.


YUMITEKS LLC: Creditors Must File Claims by February 5
------------------------------------------------------
Creditors of LLC Yumiteks Insurance Company (TIN 7707202357, RVC
263501001) have until Feb. 5, 2009, to submit proofs of claims to:

         D. Perekhoda
         Insolvency Manager
         Office 19
         45 parallel Str. 26
         355042 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63–16491/08-S5–29.

The Debtor can be reached at:

         LLC Yumiteks
         Dovatortsev Str. 80
         Stavroplo
         Russia


* S&P Takes Rating Actions on 25 Tranches in 11 European Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
25 tranches in 11 European securitizations following the lowering
of the foreign currency rating on the Russian Federation to
BBB/Negative/A-3 from BBB+/Negative/A-2, and the lowering of
Russia's Transfer & Convertibility assessment to 'BBB' from
'BBB+'.

The lowering of the FC rating on Russia reflects risks associated
with the sharp reversal in external portfolio and other investment
flows, which has increased the cost and difficulty of meeting the
country's external financing needs.

The lowering of the FC rating on Russia affects the default rates
and recovery assumptions included in the credit and cash flow
analysis of mortgage- and asset-backed securitizations originated
in Russia.

As a result of this, S&P has:

   * lowered five tranches to 'BBB' from 'BBB+'.  This reflects
     S&P's belief that timely payment of interest and full
     repayment of principal might not be met in case of a
     sovereign default;

   * placed 16 tranches on CreditWatch negative.  These
     CreditWatch placements will be resolved after reviewing S&P's
     default rates and recovery assumptions to make them
     commensurate with the lower sovereign rating;

   * lowered the class A1 and A2 notes issued by Gazprombank
     Mortgage Funding 2 S.A. to 'BBB' from 'BBB+'.  At the same
     time these notes remained on CreditWatch negative, along with
     the class B and C notes issued by Gazprombank Mortgage
     Funding 2.  The notes in this transaction were placed on
     CreditWatch negative on Sept. 17, 2008 following rating
     actions on Lehman Brothers Holdings Inc. and related
     entities.  Lehman was swap counterparty and liquidity
     provider; and

   * affirmed the long-term Russia national scale rating on the
     class A notes issued by KIT Ipoteka Ltd. at 'ruAAA'.

For all transactions affected by the lowering of Russia's FC
rating, S&P considered that there was no requirement to size for
T&C risk in its initial rating analysis as the highest rating on
the notes was generally equal to or lower than the T&C assessment
at the time of closing.  S&P believes that the recent downgrade of
the T&C assessment makes the likelihood of access to funds
required to make payments on the euro or US dollar-denominated
notes unlikely in any scenario higher than 'BBB'.

                           Rating List

                         Ratings Lowered

                   Russian Car Loans No. 1 S.A.
      EUR220 Million Senior Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A                  BBB                  BBB+


             RUSSIAN CONSUMER FINANCE No. 1 S.A.
      EUR300 Million Senior Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A-1                BBB                  BBB+

                         Dali Capital PLC
        EUR140.9 Million And RUR864 Million Mortgage-Backed
                   Fixed- And Floating-Rate Notes
                 Series 2006-30 2006-31 And 2006-32
       (Gazprombank Mortgage Backed Securities series 2006-1)

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A 2006-30          BBB                  BBB+

                           RUMBA S.A.
        RUR6.05 Billion Mortgaged-Backed Fixed-Rate Notes

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A                  BBB                  BBB+

                        KIT Ipoteka Ltd.
          RUB4.75 Billion Mortgage-Backed Fixed-Rate And
                      RUR130 Million Unrated
                        Subordinated Notes

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A                  BBB                  BBB+

         Ratings Lowered and Kept on Creditwatch Negative

                Gazprombank Mortgage Funding 2 S.A.
      EUR147 Million And RUB2,082.8 Million Mortgage-Backed
                  Floating- And Fixed-Rate Notes
      (Gazprombank Mortgage Backed Securities Series 2007-1)

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          A1                 BBB/Watch Neg        BBB+/Watch Neg
          A2                 BBB/Watch Neg        BBB+/Watch Neg

      Rating Placed on Creditwatch With Negative Implications

                 LADA Car Loan Finance No. 1 Ltd.
    Up to RUR2.73 Billion Senior Rouble Warehousing Facility
  And Up To RUR245 million Mezzanine Rouble Warehousing Facility

                                     Rating
                                     ------
          Class              To                   From
          -----              --                   ----
          Senior             BBB/Watch Neg        BBB
          Mezzanine          BB/Watch Neg         BB

                   Russian Car Loans No. 1 S.A.
     EUR220 Million Senior Asset-Backed Floating-Rate Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           B                  BBB/Watch Neg        BBB
           C                  BB/Watch Neg         BB


           RUSSIAN CONSUMER FINANCE No. 1 S.A.
           EUR300 Million Senior Asset-Backed Floating-Rate Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           A-2                BB-/Watch Neg        BB-
           B                  BB-/Watch Neg        BB-


           Russian Structured Consumer Credit No. 1 S.A.
           RUB7.2 Billion Floating-Rate Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           A                  BBB/Watch Neg        BBB


           Taganka Car Loan Finance PLC
           US$430.025 Million Asset-Backed Floating-Rate
           Notes Series 2006-1

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           B                  BBB/Watch Neg        BBB
           C                  BB/Watch Neg         BB


           Russian Factoring No. 1 S.A.
           RUR5.3 Billion Senior- And Mezzanine Facility Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           Senior             BBB/Watch Neg        BBB
           Mezzanine          BB/Watch Neg         BB


           Russian Factoring No. 2 S.A.
           RUR3.325 Billion Senior- And Mezzanine Facility Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           Senior             BBB/Watch Neg        BBB
           Mezzanine          BB/Watch Neg         BB

                         Dali Capital PLC
    EUR140.9 Million And RUR864 Million Mortgage-Backed Fixed-
    And Floating-Rate Notes Series 2006-30 2006-31 And 2006-32
      (Gazprombank Mortgage Backed Securities series 2006-1)

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           B 2006-31         BB/Watch Neg           BB
           C 2006-32         B/Watch Neg            B

                           RUMBA S.A.
        RUR6.05 Billion Mortgaged-Backed Fixed-Rate Notes

                                      Rating
                                      ------
           Class              To                   From
           -----              --                   ----
           B                 BB/Watch Neg           BB

                Ratings That Remain on Creditwatch

                Gazprombank Mortgage Funding 2 S.A.
      EUR147 Million And RUB2,082.8 Million Mortgage-Backed
                  Floating- And Fixed-Rate Notes
     (Gazprombank Mortgage Backed Securities Series 2007-1)

                 Class             Rating
                 -----             ------
                 B                 BBB-/Watch Neg
                 C                 BB-/Watch Neg

                        Ratings Affirmed

                        KIT Ipoteka Ltd.
  RUR4.75 Billion Mortgage-Backed Fixed-Rate And RUR130 Million
                  Unrated Subordinated Notes

                 Class             Rating
                 -----             ------
                 A                 Russia National Scale Rating
                                   ruAAA


=========
S P A I N
=========


METROVACESA SA: Sale of HSBC Tower Reduces Debt by EUR950 Mln
-------------------------------------------------------------
HSBC Holdings plc and Metrovacesa S.A. on Friday, December 5,
2008, agreed that HSBC will secure the title of its global
headquarters at 8 Canada Square in London, superseding the
existing sale and leaseback agreement between the parties.  As a
result of this transaction, a gain of approximately GBP250 million
will be recognized in HSBC's income statement for the second half
of 2008.

On May 31, 2007, HSBC entered into a contract for the sale and
leaseback of its headquarters building to Metrovacesa for GBP1.09
billion.  Under the terms of this arrangement, HSBC leased the
building back for 20 years at an initial annual rent of GBP43.5
million, representing a net initial yield of 3.8 per cent.

The purchase was funded by Metrovacesa via a cash equity injection
of GBP280 million and a bridging loan of GBP810 million provided
by HSBC, subject to syndication into a term facility.

As a result of the significant market disruption that has impacted
the availability of term funding, syndication of the bridging loan
has not been possible and the parties have come to an agreement
that the building will be handed back to HSBC.  The existing
bridging loan will be extinguished as a result of this
transaction.

The agreement will be effected through the acquisition of 100 per
cent of Project Maple II BV, whose main asset is 8 Canada Square,
by HSBC Property Holdings (Netherlands) BV, a wholly owned
subsidiary of HSBC Holdings plc, from Metrovacesa for a total
consideration of GBP838 million, subject to various retentions and
warranties.

David Hodgkinson, Group Chief Operating Officer, HSBC Holdings
plc, said: "Clearly the market has deteriorated significantly
since we agreed the sale in spring 2007.  It was important to work
with our client, Metrovacesa, to resolve the funding issue which
had arisen.  8 Canada Square is a landmark building and this
transaction is in the best interests of both parties and HSBC
shareholders."

                          Liquidity

Metrovacesa in a press statement said that as a result of the
sale, the Company will be able to cancel the loan for GBP810
million (EUR950 million) granted by HSBC to finance acquisition of
the Tower and will obtain GBP28 million (EUR35 million) in cash,
thus enhancing its liquidity position.

The operation will have an adverse effect of EUR97.9 million on
the Company's financial statements due to the charge required for
the decrease in value of the Tower and the exchange rate impact.

The sale will enable the Company to reduce its debt by more than
EUR1 billion, taking it down to approximately EUR5.9 billion. The
average cost of debt will also decrease, down to 4.7%, with an
average life of 4.9 years.

The sale places Metrovacesa in a correct financial position since,
as the table shows, more than 70% of Group debt matures as from
2011, the year in which the first repayment of the syndicated loan
is due.  Metrovacesa refinanced the loan for a sum of EUR3.2
billion in July 2007 with a syndicate of forty banks led by the
Royal Bank of Scotland, Hypo Real Estate and Barclays.

Euros million    2009    2010    2011  2012  More than 5 years

Credit
facilities
and
loans            229     171      0     0         0

Syndicated
loan              0       0      642   642      1.926

Transferable
mortgage
loans and
others           304     81      237   59       1.474

Total            534     252     879   701      3.441

Unaudited
figures.

                       Asset Disposals

Metrovacesa has taken a number of steps in the year to reduce its
indebtedness and enhance its solvency and liquidity position.
During the first nine months of the year it disposed of assets
totaling EUR631 million, including, in particular, the La
Maquinista and Habaneras shopping centers, two office buildings,
439 subsidized (social) housing units in the Madrid region, five
commercial premises and several residential homes for the elderly
and student residences, as well as the Group's properties in Chile
and Argentina.  In addition to enhancing liquidity, the aim behind
all these asset disposals was to concentrate the property
portfolio on top-class assets in prime locations with good future
prospects.

                      Pipeline Projects

The number of pipeline projects has also been reduced.  As of end-
September 2008 the Company had a total of 12 projects, versus 19
at the beginning of the year.  Projected investment through 2012
amounts to EUR201 million, not including Walbrook Square as this
project is pending final design details.  The projects that have
been halted include in particular three shopping centers (in
Valdebebas-Madrid, Cieza-Murcia and Leon) and the Monteburgos
office development in the Spanish capital.

Regarding the Walbrook Square project, on November 6, 2008,
Metrovacesa and Legal & General reached an agreement to reschedule
payments on the Walbrook Square complex, setting a new deadline of
October 2010 for completion of the acquisition. The total of
GBP240 million will be paid in quarterly installments; the first
quarterly payment made amounted to
GBP30 million.

                     About Metrovacesa SA

Headquartered in Madrid, Spain, Metrovacesa SA (MCE:MVC) --
http://www.metrovacesa.es/-- is a active in the real estate
sector.  The Company is divided into two separated business units:
Metrovacesa -- property business focused on Spain, but with rental
assets in France, and Gecina where property business is focused on
France.  Metrovacesa owns and manages five shopping centers: Tres
Aguas in Madrid, El Saler in Valencia, Artea in Bilbao, La
Maquinista in Barcelona and Habaneras in Torrevieja. The Company
is also active in the field of the house renting, design,
construction and management of Business Parks in Spain, as well as
in the hotel business.  Its hotel portfolio compromises 12 hotels.
Through affiliated companies Metrovacesa develops such business
areas as car parks for rental (Metropark), homes and centers for
the elderly (Planiger SA or directly).


TDA CAM: S&P Cuts Ratings on Two Class C Notes to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B and C notes
issued by TDA CAM 8, Fondo de Titulizacion de Activos and TDA CAM
9, Fondo de Titulizacion de Activos.  At the same time, S&P placed
on CreditWatch negative its ratings on class B and C notes issued
by TDA CAM 10, Fondo de Titulizacion de Activos.  The ratings on
the class A and D notes in all three transactions remain
unaffected.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
The results of S&P's analysis showed that the credit enhancement
available for TDA CAM 8's and TDA CAM 9's class B and C notes was
insufficient to maintain the current ratings.

At 3.12%, 4.20%, and 5.77% for TDA CAM 8, TDA CAM 9, and TDA CAM
10, respectively, the current level of 90+ day delinquencies is
well above the average for other Spanish residential mortgage-
backed securities transactions with a similar seasoning.

S&P placed the class A notes in the three transactions on
CreditWatch negative on Nov. 27 due to their exposure to an 'A-2'
rated derivative counterparty.  These ratings remain unaffected by
the actions but stay on CreditWatch negative due to the
counterparty exposure.

The TDA CAM deals are Spanish RMBS transactions backed by pools of
mortgage loans secured over residential properties in Spain.  The
originator and servicer, Caja de Ahorros del Mediterraneo, is the
fourth-largest savings bank in Spain and ranks among the top eight
leading financial institutions in the country in terms of net
income attributable and total business volume.

                          Ratings List

      Ratings Lowered and Removed from Creditwatch Negative

           TDA CAM 8, Fondo de Titulizacion de Activos
EUR1,712.8 Million Residential Mortgage-Backed Floating-Rate Notes

                                Rating
                                ------
         Class      To                        From
         -----      --                        ----
         B          BBB                       A/Watch Neg
         C          BB                        BBB/Watch Neg

           TDA CAM 9, Fondo de Titulizacion de Activos
EUR1,515 Million Residential Mortgage-Backed Floating-Rate Notes

                                Rating
                               ------
         Class      To                        From
         -----      --                        ----
         C          BB                        BBB/Watch Neg

                          Rating Lowered

           TDA CAM 9, Fondo de Titulizacion de Activos
EUR1,515 Million Residential Mortgage-Backed Floating-Rate Notes

                                Rating
                                ------
         Class      To                        From
         -----      --                        ----
         B          BBB                       A

              Ratings Placed on Creditwatch Negative

           TDA CAM 10, Fondo de Titulizacion de Activos
EUR1,423.5 Million Residential Mortgage-Backed Floating-Rate Notes

                                Rating
                                ------
         Class      To                        From
         -----      --                        ----
         B          A-/Watch Neg              A-
         C          BBB-/Watch Neg            BBB-

                       Ratings Unaffected

           TDA CAM 8, Fondo de Titulizacion de Activos
EUR1,712.8 Million Residential Mortgage-Backed Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        A          AAA/Watch Neg
                        D          CCC-

           TDA CAM 9, Fondo de Titulizacion de Activos
EUR1,515 Million Residential Mortgage-Backed Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        A1         AAA/Watch Neg
                        A2         AAA/Watch Neg
                        A3         AAA/Watch Neg
                        D          CCC-

           TDA CAM 10, Fondo de Titulizacion de Activos
EUR1,423.5 Million Residential Mortgage-Backed Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        A1         AAA/Watch Neg
                        A2         AAA/Watch Neg
                        A3         AAA/Watch Neg
                        A4         AAA/Watch Neg
                        D          CCC-



===========
S W E D E N
===========


NEONODE INC: Swedish Unit Files for Bankruptcy
----------------------------------------------
Neonode AB, the Swedish subsidiary of Neonode Inc., filed a
petition for bankruptcy in compliance with the Swedish Bankruptcy
Act (1987:672).

Mr. Hans Oden of the Stockholm-based Ackordscentralen AB, a
consultancy firm specialized in insolvency, was appointed by the
district court of Stockholm to administrate the process.

Per Bystedt, CEO and Chairman of Neonode, Inc. comments, "For the
past six months we have focused on turning the business around and
solving the financial situation of Neonode AB.  We continue to
have great belief in our technology and believe we have a
competitive product in the Neonode N2 but without sufficient funds
we cannot continue operations."

Neonode AB has, together with its American parent company, Neonode
Inc., taken a number of measures to attempt to restructure and
refinance Neonode AB's operations.  On October 22, 2008 Neonode AB
filed for reconstruction in accordance with the Swedish
reorganization act (1996:764).

"We have had a good dialogue with many of our creditors and tried
a number of different solutions, but unfortunately we have been
unable to reach a satisfactory solution for all parties," Per
Bystedt, CEO and President of Neonode, Inc. continues.

Neonode AB is a wholly-owned subsidiary of Neonode Inc and has
carried out business with focus on the development and sales of
touch screen mobile phones such as the Neonode N2 since 2004.

Neonode Inc intends to continue to operate as a technology
licensing company, focusing on developing and marketing the
Company's patented touch screen technology, zForce(TM) to third
parties.  Neonode Inc. is currently working with its major
stakeholders on a plan for a complete restructuring of the
Company.

                       About Neonode Inc.

Neonode Inc. (Nasdaq: NEON) -- http://www.neonode.com/-- is a
Swedish mobile communication company that specializes in optical
finger based touch screen technology.  The company designs and
develops mobile phones under its own brand and licenses its
patented touch screen technologies, zForce(TM) and neno(TM) to
third parties.  Neonode USA, which is based in San Ramon, Calif.,
markets Neonode's products within North America, Latin America and
China and is the exclusive licensor of the Neonode Intellectual
Property.

As reported in the Troubled company Reporter on May 29, 2008,
Neonode Inc.'s consolidated balance sheet at March 31, 2008,
showed total assets of US$13.9 million and total liabilities of
US$23.4 million, resulting in a roughly US$9.4 million of total
stockholders' deficit.

                     Going Concern Doubt

BDO Feinstein International AB, in Stockholm, Sweden, expressed
substantial doubt about Neonode Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses, negative cash flows
from operations, and working capital deficiency.


=====================
S W I T Z E R L A N D
=====================


AMANO JSC: Creditors Must File Proofs of Claim by December 21
-------------------------------------------------------------
Creditors owed money by JSC Amano are requested to file their
proofs of claim by Dec. 21, 2008, to:

         Gabriela Hug
         Liquidator
         Freie-Strasse 8
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in Appenzell.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 22, 2008.


BBS GASTRO: Deadline to File Proofs of Claim Set December 21
------------------------------------------------------------
Creditors owed money by JSC BBS Gastro are requested to file their
proofs of claim by Dec. 21, 2008, to:

         Kramer Gastronomie
         Herdernstrasse 56
         8004 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 30, 2008.


DUTTWEILER HOLDING: Creditors Have Until Dec. 21 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Duttweiler Holding are requested to
file their proofs of claim by Dec. 21, 2008, to:

         Reto Berini
         Feldmoos
         9036 Grub
         Switzerland

The company is currently undergoing liquidation in Arbon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 23, 2008.


ELEKTROBAU ARBON: Proofs of Claim Filing Deadline is December 21
----------------------------------------------------------------
Creditors owed money by JSC Elektrobau Arbon, Reichle, Muller,
Farber are requested to file their proofs of claim by
Dec. 21, 2008, to:

         Hansjorg Reichle
         Lehgasse 4
         9320 Stachen (TG)
         Germany

The company is currently undergoing liquidation in Arbon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 23, 2008.


SICU DAVOS: Creditors' Proofs of Claim Due by December 21
---------------------------------------------------------
Creditors owed money by JSC Sicu Davos are requested to file their
proofs of claim by Dec. 21, 2008, to:

         Ernesto Sicurelli
         Bobahnstrasse 6
         7270 Davos Platz
         Germany

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 3, 2008.


TOPOGRAFIK JSC: December 21 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by JSC Topografik are requested to file their
proofs of claim by Dec. 21, 2008, to:

         Dora Elsa Morosani-Mathieu
         Promenade 51
         7270 Davos Platz
         Germany

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 3, 2008.


=============
U K R A I N E
=============


ATEK-INVEST CJSC: Creditors Must File Claims by December 25
-----------------------------------------------------------
Creditors of CJSC Enterprise with Foreign Investments with the
Participation of Ukrainian Capital Investment Company Atek-Invest
(code EDRPOU 23513104) have until Dec. 25, 2008, to submit proofs
of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 3, 2008.
The case is docketed as 44/413-b.

The Debtor can be reached at:

         CJSC Atek-Invest
         Office 12-a
         Mezhygorskaya Str. 5
         04071 Kiev
         Ukraine


ATLANT PLUS: Creditors Must File Claims by December 25
------------------------------------------------------
Creditors of LLC Atlant Plus Ltd. (code EDRPOU 20608494) have
until Dec. 25, 2008, to submit proofs of claim to:

         Mr. Sergey Donkov
         Liquidator/Insolvency Manager
         Apt. 6
         Gorky Str. 10
         01004 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 13, 2008.
The case is docketed as B 11/103-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Atlant Plus Ltd.
         50 Years of Pobeda Str. 80
         Belaya Tserkov
         09100 Kiev
         Ukraine


COMPANY TECHNOLOGY: Creditors Must File Claims by December 25
-------------------------------------------------------------
Creditors of LLC Company Technology (code EDRPOU 32584599) have
until Dec. 25, 2008, to submit proofs of claim to:

         Mrs. Svetlana Chikildina
         Temporary Insolvency Manager
         Tokarny lane, 55
         49008 Dnipropetrovsk
         Ukraine
         Tel: 8(056)787-60-91

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 13, 2008.  The case is docketed as B 40/103-08.

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Company Technology
         Bekhterev Str. 3/8
         49115 Dnipropetrovsk
         Ukraine


ELITA BUD: Creditors Must File Claims by December 25
----------------------------------------------------
Creditors of LLC Investment-Building Company Elita Bud (code
EDRPOU 33229664) have until Dec. 25, 2008, to submit proofs of
claim to:

         Mr. S. Diachenko
         Liquidator
         Bauman Str. 4
         Irpen
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 7, 2008.
The case is docketed as 50/378.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Investment-Building Company Elita Bud
         Berezhanskaya Str. 6-A
         04074 Kiev
         Ukraine


GLOBAL-SPORT LLC: Creditors Must File Claims by December 25
-----------------------------------------------------------
Creditors of LLC Global-Sport (code EDRPOU 32825193) have until
Dec. 25, 2008, to submit proofs of claim to:

         Mrs. Irene Tsimbal
         Liquidator
         Apt. 124
         General Naumov Str. 41
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as 24/405-B.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Global-Sport
         Kikvidze Str. 18-A
         01103 Kiev
         Ukraine


GROUP V2V: Creditors Must File Claims by December 25
----------------------------------------------------
Creditors of LLC Ukrainian Business Group V2V have until Dec. 25,
2008, to submit proofs of claim to:

         Mr. O. Borisov
         Liquidator
         Apt. 32
         Franko Str. 2
         Borispol
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 14, 2008.
The case is docketed as 50/401.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Business Group V2V
         Apt. 16
         Zoya Gayday Str. 12/10
         04209 Kiev
         Ukraine


LIGA-EXTRASERVICE: Creditors Must File Claims by Dec. 25, 2008
--------------------------------------------------------------
Creditors of LLC Liga-Extraservice (code EDRPOU 35032350) have
until Dec. 25, 2008, to submit proofs of claim to:

         Mr. Victor Solonin
         Liquidator
         Apt. 29
         Vasilenko Str. 17
         Kiev
         Ukraine
         Tel: 8(067)446-39-56

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as 24/404-B.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Liga-Extraservice
         Office 708
         Degtiarevskaya Str. 48
         04112 Kiev
         Ukraine


LUX GROUP: Creditors Must File Claims by December 25
----------------------------------------------------
Creditors of LLC Invest Lux Group (code EDRPOU 36123244) have
until Dec. 25, 2008, to submit proofs of claim to:

         Mr. Sergey Kryzhov
         Liquidator
         Michurin Str. 15
         Davidovka
         Volodarsko-Volinsky
         12143 Zhytomir
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 12, 2008.
The case is docketed as 50/390.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Invest Lux Group
         Chokolovsky Boulevard, 19
         03186 Kiev
         Ukraine


ROVNO BUDLISAN: Creditors Must File Claims by December 25
---------------------------------------------------------
Creditors of OJSC Rovno Budlisan (code EDRPOU 25322377) have until
Dec. 25, 2008, to submit proofs of claim to:

         Mr. I. Dragun
         Temporary Insolvency Manager
         Sobornaya Str. 34/14
         33028 Rovno
         Ukraine

The Arbitration Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 4, 2008.
The case is docketed as 4/57.

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         OJSC Rovno Budlisan
         Sanatornaya Str. 4
         Alexandria
         35320 Rovno
         Ukraine


UKRROSIMPEX LLC: Creditors Must File Claims by December 25
----------------------------------------------------------
Creditors of LLC Joint Ukrainian-Russian Enterprise Ukrrosimpex
(code EDRPOU 31175607) have until Dec. 25, 2008, to submit proofs
of claim to:

         Mr. S. Diachenko
         Liquidator
         Bauman Str. 4
         Irpen
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 7, 2008.
The case is docketed as 50/377.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Joint Ukrainian-Russian Enterprise Ukrrosimpex
         Krasnykh Kazakov Avenue, 23
         04210 Kiev
         Ukraine


===========================
U N I T E D   K I N G D O M
===========================


AMERICAN INT'L: In Talks With Bank Polski On Sale of 2 Units
------------------------------------------------------------
Polish lender PKO Bank Polski SA said in a regulatory statement it
is in talks to buy two local units of American International Group
Inc., Marta Waldoch of Bloomberg News reports.

Bloomberg News says newspaper Rzeczpospolita reported in November
PKO may pay as much as 1.5 billion zloty (US$490 million) for the
companies and the transaction will be completed in mid-December.

In November, Bloomberg News relates PKO offered to buy 99.9
percent in AIG Bank Polska SA, the country's 20th-largest bank,
and 100 percent in AIG Credit SA.

                     About PKO Bank Polski SA

Headquartered in Warsaw, Poland, PKO Bank Polski SA (WAR:PKO) --
http://www.pkobp.pl/-- is a universal bank.  It offers four
categories of services: retail banking services, private and
personal banking services, small and medium enterprise services
and corporate banking services.  The retail banking services
include savings-giro accounts, payment cards, current and deposit
accounts, mortgage and consumer loans.  The private and personal
banking services are directed to wealthy customers and include
advisory services.  The small and medium enterprise offer provides
a system of fast loans for businesses.  The corporate banking
services include negotiable deposits, overdraft facilities, loans,
mass payment service, cash pooling, term deposits and bill
discount in foreign trade.  The Bank is active in the area of
services designed for local governments, especially in the issue
of municipal bonds.  The Bank is listed on the Warsaw Stock
Exchange since November 2004.  It has nine subsidiaries, eight in
Poland and one in Ukraine.

                 About American International Group

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.


ARTISAN MIDLANDS: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Artisan Midlands Ltd. on Nov. 21, 2008, for the creditors'
voluntary winding-up proceeding/

The company can be reached through Tenon Recovery at:

         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England

The company manufactures wooden, gas and electric fireplaces.


AXS-ONE INC: Sells US$1.1MM Convertible Promissory Notes, Warrants
----------------------------------------------------------------
AXS-One Inc. entered into a Convertible Note and Warrant Purchase
Agreement pursuant to which it sold and issued an aggregate of
US$1,100,000 of Series E 6% Secured Convertible Promissory Notes
due May 29, 2009, together with warrants to purchase an aggregate
of 3,300,000 shares of common stock of the company at an exercise
price of US$.01 per share.

Net proceeds to the company after transaction expenses were
approximately US$1,050,000.  The Series E notes and warrants were
sold in a private placement under Rule 506 promulgated under the
Securities Act of 1933, as amended, to eight accredited investors,
including two members of the company's board of directors.

The Series E Notes will mature on May 29, 2009, and principal and
interest thereunder are convertible into the company's common
stock at a fixed conversion rate of US$1.00 per share, bear
interest of 6% per annum and are secured by substantially all the
assets of the company.  The Series E Notes may be converted at the
option of the Series E Note holder at any time prior to maturity.
The Series E Notes rank pari passu in priority of payment and in
all other respects with all of the Series D 6% Secured Convertible
Promissory Notes sold and issued by the company for the aggregate
amount of US$2,100,000 on July 24, 2008, the Series C 6% Secured
Convertible Promissory Notes sold and issued by the company for
the aggregate amount of US$3,750,000 on Nov. 16, 2007, and the
Series A 6% Secured Convertible Promissory Notes and Series B 6%
Secured Convertible Promissory Notes sold and issued by the
company for the aggregate amount of US$5,000,000 on May 29, 2007.
The security interest of the Series E Note holders has been
subordinated to the security interest of Sand Hill Finance, the
company's current senior lender, pursuant to a Second Amended and
Restated Subordination Agreement dated as of Oct. 30, 2008.

Pursuant to the terms of a Third Security Agreement Amendment
dated Oct. 30, 2008, among the company and the other secured
parties set forth therein, the security interest of the Series E
Notes ranks pari passu with the security interest granted in
connection with the Prior Notes.

In addition, pursuant to a Waiver and Termination of Participation
Rights and Joinder to New Participation Rights Agreement the
holders of the Prior Notes (i) have agreed to waive their
Participation Rights held pursuant to Section 4.7 of the
Convertible Note and Warrant Purchase Agreement, dated as of
July 24, 2008; (ii) have agreed that upon execution of the
Purchase Agreement, all of their Participation Rights held
pursuant to the July 2008 Agreement terminated and are of no
further force and effect; and (iii) have agreed, pursuant to
Section 4.7 of the Purchase Agreement to join, become party to and
be bound by Section 4.7 of the Purchase Agreement regarding rights
of participation and the miscellaneous provisions of Article VI of
the Purchase Agreement, effective upon execution of the Purchase
Agreement.

Each Series E Note holder also received a warrant to purchase
three shares of AXS-One common stock for each US$1 of the
principal amount of Series E Notes purchased.  Each Warrant has an
exercise price of US$0.01 per share and is exercisable at any time
during the seven-year period following the closing.

In addition, in connection with the financing under the Purchase
Agreement, the company entered into an Investor Rights Agreement
on Oct. 30, 2008, which sets forth the company's obligations
relating to the registration of the shares of common stock
underlying the Series E Notes and Warrants, including a
requirement that the Company file a registration statement with
respect to such common stock no later than May 29, 2009.

In addition, in connection with the financing under the Purchase
Agreement, each of the Prior Notes was amended pursuant to note
amendments to provide that any event of default under the Series E
Notes will constitute an event of default under the Prior Notes.

The proceeds from this financing will be used to fund the
company's operations.

                       About AXS-One Inc.

Headquartered in Rutherford, New Jersey, AXS-One (OTC BB: AXSO)
-- http://www.axsone.com/-- provides "records compliance
management" software solutions.  The AXS-One Compliance Platform
enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm-Leach Bliley.  AXS-One has offices worldwide including in
the United States, Australia, Singapore, United Kingdom and South
Africa.

As reported in the Troubled Company Reporter on Nov. 5, 2008,
AXS-One Inc.'s balance sheet at Sept. 30, 2008, showed total
assets of US$4.8 million, total liabilities of US$18.2 million and
shareholders' deficit of US$13.4 million.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2008,
Amper, Politziner, & Mattia, P.C., in Edison, N.J., expressed
substantial doubt about AXS-One Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2007, and 2006.  The
auditing firm pointed to the company's losses from operations and
working capital deficiency.

The company generated losses from operations of US$1,752,000 for
the three months ended March 31, 2008.  Additionally, the company
was not in compliance with its quarterly license revenue covenant
as of March 31, 2008.  The bank waived such violation and changed
the covenants for future periods from a minimum license revenue
covenant and minimum three month rolling net loss covenant to (a)
a minimum three month rolling EBITDA covenant, (b) minimum cash
and accounts receivable availability covenant and (c) a minimum
equity infusion covenant of US$500,000.


BRITISH AIRWAYS: To Axe More Than 100 Jobs at Gatwick Airport
-------------------------------------------------------------
Mark Herlihy at Bloomberg News reports that British Airways plc
will cut more than 100 jobs Gatwick as it plans to reduce the
number of departures at the airport by 15 percent next summer.

In an e-mailed statement BA, as cited by Bloomberg, said the
number of aircraft based at the airport will be reduced to 37 from
41.

The airline however noted the cuts to ground operations staffing
will be on a voluntary basis, Bloomberg relates.

                 About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, Moody's Investors
Service placed all ratings of British Airways plc (Baa3 Corporate
Family Rating - CFR); Ba1 senior unsecured and the Ba2 rating of
the perpetual guaranteed preferred securities on review for
possible downgrade.


COMMENT RS: Goes Into Administration on Woolworths' Collapse
------------------------------------------------------------
Comment Retail Services has gone into administration.  The
company's downfall came after its main customer, Woolworths,
collapsed, Mobile news reports.

Citing a spokesperson for Comment, the report relates that legal
talks began Thursday last week.

However the company spokesperson noted this does not necessarily
mean that this is the end of Comment.

With Michael Richardson at the helm, the company reported a GBP27
million turnover in 2007 and a gross margin of GBP2.3 million, the
report discloses.

Comment is a direct distributor of Sony Ericsson, LG, Sagem and
Alcatel handsets.


EUROSAIL-UK 2007-1NC: S&P Junks Classes E1c, ETc & FTc Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the subordinate and mezzanine notes issued by Eurosail-UK 2007-1NC
PLC due to continued poor performance of the underlying
collateral.  At the same time, S&P kept all senior and mezzanine
notes on CreditWatch negative due primarily to ongoing uncertainty
surrounding the replacement of the transaction's bankrupt swap
counterparty.  S&P removed the subordinate notes from CreditWatch
negative.

On the September interest payment date, the transaction drew
GBP1,307,547 from its reserve fund (32.9% of the fund's quarter
opening balance).  The current remaining reserve fund balance of
GBP2,662,537 represents 58.5% of the reserve fund required amount.
This follows a previous draw at the June 2008 IPD, after which S&P
placed the class D, E, and F notes on CreditWatch negative on
Aug. 11.

On the September IPD, the coupon on the detachable A3c coupon
(DAC) stepped up to 1.48%.  This coupon will step up further to
2.00% in Q7 (the current quarter), 2.43% in Q8 and Q9, 2.56% in
Q10, 2.90% in Q11, and then 3.24% in Q12. This will continue to
place pressure on the cash flows in the transaction.

Total delinquencies (including repossessions) for Eurosail-UK
2007-1NC on the September IPD were 39.6%, up from 36.7% a quarter
earlier and continuing their upward trend.  Unsold repossessions
have increased quarter-on-quarter to 3.9% from 2.6% of the
outstanding principal balance.  Furthermore, cumulative losses
rose to GBP2,266,658 (0.32% of the original balance) from
GBP1,269,675 a quarter earlier (0.18%), and the weighted-average
loss severity in the current period was 26.0%, up from 24.4% in
June.

With U.K. house prices expected to continue falling, S&P
anticipate further losses in coming quarters with the reserve fund
likely to be drawn again.  S&P's rating actions consider the
implications for the capital structure should the reserve fund
become fully depleted.

On Sept. 17, S&P placed or kept on CreditWatch negative all
classes of notes because of the transaction's exposure to Lehman
Brothers Special Financing as the fixed/floating swap provider and
the interest rate swap counterparty.  Due to Lehman's bankruptcy,
replacement swap counterparties are being sought but currently
there are no replacements in place.

Of the outstanding loans, 68.3% remain on fixed rates, 46.4% are
on fixed rates that will revert to floating rates by March 2009,
and 12.3% are ultimately linked to the Bank of England's base
rate.  Due to this pool characteristic, S&P's analysis showed that
the potential long-term absence of the swaps would have a material
impact on the ratings in this transaction.  Consequently, although
S&P has taken the current rating actions due to the deal's
performance, most tranches remain on CreditWatch negative due to
the lack of clarity regarding the availability or replacement of
the swaps.

S&P will continue to monitor the performance of this transaction,
including any swap counterparty replacements or terminations.  The
next IPD is on Dec. 15, 2008.

                            Ratings List

                    Eurosail-UK 2007-1NC PLC
      GBP328.6 Million And EUR552.15 Million Mortgage-Backed
                   Floating-Rate Notes Plus An
       Overissuance of GBP28.7 Million Excess-Spread-Backed
                       Floating-Rate Notes

             Ratings Kept On CreditWatch Negative


                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      A1a        AAA/Watch Neg                 AAA/Watch Neg
      A1c        AAA/Watch Neg                 AAA/Watch Neg
      A2a        AAA/Watch Neg                 AAA/Watch Neg
      A2c        AAA/Watch Neg                 AAA/Watch Neg
      A3a        AAA/Watch Neg                 AAA/Watch Neg
      A3c        AAA/Watch Neg                 AAA/Watch Neg
      A3c DAC    AAA/Watch Neg                 AAA/Watch Neg

         Ratings Lowered and Kept On CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      B1a        A/Watch Neg                   AA/Watch Neg
      B1c        A/Watch Neg                   AA/Watch Neg
      C1a        BBB-/Watch Neg                A/Watch Neg
      D1a        BB/Watch Neg                  BBB/Watch Neg
      D1c        BB/Watch Neg                  BBB/Watch Neg
      DTc        BB/Watch Neg                  BBB+/Watch Neg

       Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      E1c        CCC                           BB/Watch Neg
      ETc        CCC                           BB-/Watch Neg
      FTc        CCC                           B/Watch Neg


ICON DEVELOPMENTS: Taps Joint Administrators from Grant Thornton
----------------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of Icon Developments Ltd. on
Nov. 21, 2008.

The company can be reached at:

         Icon Developments Ltd.
         Millbanc House
         Cross Place
         Maindy
         Cardiff
         CF14 3AQ
         England


IDEAL STELRAD: Hires Close Brothers to Advise on Restructuring
--------------------------------------------------------------
Ben Harrington at the Daily Telegraph reports that Ideal Stelrad,
owned by US private equity firm Warburg Pincus, has called in
Close Brothers to work on on a restructuring of the company's
balance sheet and strategic options.

Citing people familiar with the matter, the report relates the
company brought in restructuring experts after breaching some of
its banking covenants in the last few months.

It is understood that the company has until December 12 to present
a solution to satisfy its lenders, the report discloses.

The solution, the report says, may include a cash injection from
Warburg Pincus, which bought the company from rival buy-out firm
Montagu for GBP227 million in 2005.

According to the report, Warbug Pincus could lose its equity
investment as part of any restructuring deal with its lenders.

Headquartered in Newcastle, England, Ideal Stelrad manufactures
and markets an extensive range of domestic and commercial and
industrial gas boilers in the U.K. and Romania, and steel panel
radiators, towel warmers and decorative radiators across Europe.
Ideal Stelrad has six manufacturing sites across Europe, with a
boiler facility in the U.K. and Romania and radiator facilities in
the U.K., Netherlands, Belgium and Turkey, and a National
Distribution Center in the U.K., serving both boilers and
radiators.


LANDMARK MORTGAGES 1: Fitch Affirms 'BB' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has affirmed ten tranches from the Landmark
Mortgages Securities plc series of non-conforming RMBS
transactions backed by mortgage loans originated by Amber Home
Loans, Unity Home Loans and Infinity Mortgages.  The agency has
simultaneously downgraded four tranches and revised the rating
Outlook on four tranches to Negative from Stable.  The rating
actions are listed below.

The performance of Landmark Mortgage Securities No.1 plc to date
has been in line with expectations.  Loans that are three months
or greater in arrears accounted for 11.11% of the outstanding
balance as of September 2008 (12.95% inclusive of repossessions).
The total value of properties in possession increased to 2.8% of
the current collateral balance in September 2008 from 1.5% in
June; losses in the current period amounted to 0.14% of the
outstanding balance with a period loss severity of 16.1%.
Principal payment rates have been increasing since closing and
current PPR is 28.1%.  The higher-than-average levels of PPR may
be attributed to borrowers coming off their fixed rates and
refinancing with different lenders.  Fitch expects this trend to
decrease after the next interest payment date.

The Outlook for the class D notes is Negative due to a combination
of factors that, given the ongoing UK housing market downturn,
could potentially affect the rating of the most junior notes.
These include the high original weighted-average loan-to-value
ratio of the initial pool (79.4%), the high amount of heavy
(13.6%) and unlimited (8.7%) adverse loans in the pool at closing
(as per Fitch's adverse credit labels) and increasing arrears and
possessions.

The performance of Landmark Mortgage Securities No.2 plc to date
has been worse-than-expected.  Loans that are three months or
greater in arrears accounted for 12.80% of the outstanding balance
as of September 2008 (15.44% inclusive of repossessions).  The
total value of properties in possession is currently 4.8%, with
period losses of 0.15% and a period loss severity of 27.4%.
Arrears and repossession levels are likely to increase over the
next couple of quarters as many borrowers come off their fixed
rate periods and convert to their reversionary periods.  At this
time there is very little excess spread generated in this
transaction to cover losses, raising the likelihood of a reserve
fund draw in the next couple of quarters.

The significant difference in performance between Landmark No. 1
and Landmark No. 2 can be attributed to the significantly higher
proportion of buy-to-let loans at closing within Landmark No. 2,
(12.3% versus 2.9% in Landmark 1), a greater percentage of
interest only loans, (76.9% versus 69.2%) and a higher weighted-
average current loan-to-value ratio of 81.09% versus 78.56% in
Landmark 1. Another important factor is the difference in
seasoning between the two transactions: Landmark No. 1 originated
with 7.87 months of seasoning whereas Landmark No. 2 had only 3.05
months of seasoning.

Landmark Mortgage Securities No.1 plc:

  -- Class  Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
     Stable

  -- Class  Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
     Outlook Stable

  -- Class  Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
     Stable

  -- Class  Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
     Outlook Stable

  -- Class  B (ISIN XS0260675888): affirmed at 'A'; Outlook Stable

  -- Class  Ca (ISIN XS0258052165): affirmed at 'BBB'; Outlook
     Stable

  -- Class  Cc (ISIN XS0261199284): affirmed at 'BBB'; Outlook
     Stable

  -- Class  D (ISIN XS0258052751): affirmed at 'BB'; Outlook
     Negative

Landmark Mortgage Securities No.2 Plc:

  -- Class  Aa (ISIN XS0287189004): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class  Ac (ISIN XS0287192727): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class  Ba (ISN XS0287192131): downgraded to 'BBB+' from 'A';
     Outlook revised to Negative from Stable

  -- Class  Bc (ISIN XS0287193451): downgraded to 'BBB+' from 'A';
     Outlook revised to Negative from Stable

  -- Class  C (ISIN XS02871922141): downgraded to 'BB-'(BB minus)
     from 'BBB'; Outlook remains Negative

  -- Class  D (ISIN XS0287192644): downgraded to 'CCC' DR1 from
     'BB'


LANDMARK MORTGAGES 2: Fitch Junks Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed ten tranches from the Landmark
Mortgages Securities plc series of non-conforming RMBS
transactions backed by mortgage loans originated by Amber Home
Loans, Unity Home Loans and Infinity Mortgages.  The agency has
simultaneously downgraded four tranches and revised the rating
Outlook on four tranches to Negative from Stable.  The rating
actions are listed below.

The performance of Landmark Mortgage Securities No.1 plc to date
has been in line with expectations.  Loans that are three months
or greater in arrears accounted for 11.11% of the outstanding
balance as of September 2008 (12.95% inclusive of repossessions).
The total value of properties in possession increased to 2.8% of
the current collateral balance in September 2008 from 1.5% in
June; losses in the current period amounted to 0.14% of the
outstanding balance with a period loss severity of 16.1%.
Principal payment rates have been increasing since closing and
current PPR is 28.1%.  The higher-than-average levels of PPR may
be attributed to borrowers coming off their fixed rates and
refinancing with different lenders.  Fitch expects this trend to
decrease after the next interest payment date.

The Outlook for the class D notes is Negative due to a combination
of factors that, given the ongoing UK housing market downturn,
could potentially affect the rating of the most junior notes.
These include the high original weighted-average loan-to-value
ratio of the initial pool (79.4%), the high amount of heavy
(13.6%) and unlimited (8.7%) adverse loans in the pool at closing
(as per Fitch's adverse credit labels) and increasing arrears and
possessions.

The performance of Landmark Mortgage Securities No.2 plc to date
has been worse-than-expected.  Loans that are three months or
greater in arrears accounted for 12.80% of the outstanding balance
as of September 2008 (15.44% inclusive of repossessions).  The
total value of properties in possession is currently 4.8%, with
period losses of 0.15% and a period loss severity of 27.4%.
Arrears and repossession levels are likely to increase over the
next couple of quarters as many borrowers come off their fixed
rate periods and convert to their reversionary periods.  At this
time there is very little excess spread generated in this
transaction to cover losses, raising the likelihood of a reserve
fund draw in the next couple of quarters.

The significant difference in performance between Landmark No. 1
and Landmark No. 2 can be attributed to the significantly higher
proportion of buy-to-let loans at closing within Landmark No. 2,
(12.3% versus 2.9% in Landmark 1), a greater percentage of
interest only loans, (76.9% versus 69.2%) and a higher weighted-
average current loan-to-value ratio of 81.09% versus 78.56% in
Landmark 1.  Another important factor is the difference in
seasoning between the two transactions: Landmark No. 1 originated
with 7.87 months of seasoning whereas Landmark No. 2 had only 3.05
months of seasoning.

Landmark Mortgage Securities No.1 plc:

  -- Class  Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
     Stable

  -- Class  Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
     Outlook Stable

  -- Class  Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
     Stable

  -- Class  Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
     Outlook Stable

  -- Class  B (ISIN XS0260675888): affirmed at 'A'; Outlook Stable

  -- Class  Ca (ISIN XS0258052165): affirmed at 'BBB'; Outlook
     Stable

  -- Class  Cc (ISIN XS0261199284): affirmed at 'BBB'; Outlook
     Stable

  -- Class  D (ISIN XS0258052751): affirmed at 'BB'; Outlook
     Negative

Landmark Mortgage Securities No.2 Plc:

  -- Class  Aa (ISIN XS0287189004): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class  Ac (ISIN XS0287192727): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class  Ba (ISN XS0287192131): downgraded to 'BBB+' from 'A';
     Outlook revised to Negative from Stable

  -- Class  Bc (ISIN XS0287193451): downgraded to 'BBB+' from 'A';
     Outlook revised to Negative from Stable

  -- Class  C (ISIN XS02871922141): downgraded to 'BB-'(BB minus)
     from 'BBB'; Outlook remains Negative

  -- Class  D (ISIN XS0287192644): downgraded to 'CCC' DR1 from
     'BB'


LIBRARY HOUSE: To Go Into Administration Following Demand Slowdown
------------------------------------------------------------------
Mark Kleinman at the Daily Telegraph reports that Library House
is expected to go into administration within days following a
sharp slowdown in demand for its services.

According to the report, Library House is to appoint the corporate
recovery firm Leonard Curtis as its administrator.

The company, businesszone.co.uk recounts, laid off 12 of its 30
staff earlier in the year.

Based in Cambridge Library House provides data to the venture
capital industry.  It is owned by entrepreneur Doug Richard.


MORSE CDO: Fitch Assigns Final 'BB' Ratings on Three Note Classes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Morse CDO GBP256.9
million Unfunded Obligations, due 2014.  The transaction is an
unfunded static securitization of a geographically diverse
portfolio of corporate entities predominantly located in Western
Europe and North America.

Morse CDO Unfunded Obligations

  --GBP11,879,200 class A-2 Unfunded Obligations due January 2014:
    'AAA'; Outlook Stable

  -- GBP103,943,000 class B Unfunded Obligations due January 2014:
     'A+' (A plus); Outlook Stable

  -- GBP38,607,400 class C Unfunded Obligations due January 2014:
     'A-' (A minus); Outlook Stable

  -- GBP60,880,900 class D Unfunded Obligations due January 2014:
     'BBB-'(BBB minus); Outlook Stable

  -- GBP17,818,800 class E Unfunded Obligations due January 2014:
     'BB'; Outlook Stable

  -- GBP8,909,400 class F Unfunded Obligations due January 2014:
     'BB'; Outlook Stable

  -- GBP14,849,000 class G Unfunded Obligations due January 2014:
     'BB-'(BB minus); Outlook Stable

The ratings only address the probability of the outstanding
notional amount of the mezzanine credit default swaps being
reduced through credit events and loss settlement obligations.
The rating does not address any risk resulting out of a possible
counterparty default and potentially resulting swap termination
costs.

At the closing date, Lloyds TSB Bank plc. ('AA+'/'F1+'/Rating
Watch Negative) will enter into seven mezzanine credit default
swaps under which it seeks notional protection on a reference
portfolio of 90 corporate entities with a total notional value of
EUR3bn.  The mezzanine credit default swaps for each tranche
relate to the same reference portfolio of 90 corporate entities,
although the swaps have different loss thresholds.

Because of uneven obligor concentrations ranging from 0.3% to
2.9%, the transaction is exposed to idiosyncratic risk.  The
Obligor Concentration Uplift of Fitch's Rating Criteria 'Global
Rating Criteria for Corporate CDOs' published 30 April 2008, which
stresses the CDO's largest risk contributors in particular was
taken into account during Fitch's analysis.

Furthermore, Fitch notes that, the credit event valuation
procedure for defaults in the reference pool can lead to a
deadlock should protection buyer and seller not be able to agree
on a list of dealers for price determinations.  However, the
potential for such a deadlock is regarded as remote due to a
number of mitigating provisions under the swaps.


OVOLO PUBLISHING: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------------
N. C. Simmonds and S. J. Parker of Tenon Recovery were appointed
joint administrators of Ovolo Publishing Ltd. on Nov. 21, 2008.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


RIO TINTO: To Cut Net Debt by US$10 Bil. by End of 2009
-------------------------------------------------------
Rio Tinto Group plans to further reduce its net debt by US$10
billion by the end of 2009 through expanding the scope of assets
targeted for divestment to include significant assets not
previously highlighted for sale, it said in a statement.

The Group is also working actively on measures to generate cash
from joint ventures on its existing assets and projects.

The Group's net debt has reduced by US$3.2 billion in the period
from June 30 to October 31, 2008 to US$38.9 billion.

Commenting on the move, Tom Albanese, chief executive, Rio Tinto,
said "Given the difficult and uncertain economic conditions, and
the unprecedented rate of deterioration of our markets, our
imperative is to maximize cash generation and pay down debt.  We
have undertaken a thorough review of all our operations and are
executing a range of actions.

"We will minimize our operating and capital costs to appropriately
low levels until we see credible and meaningful signs of a
recovery in our markets, but will retain our strategic growth
options.  We will expand further the scope of assets we are
targeting for divestment.  By taking these tough decisions now we
will be well positioned when the recovery comes."


Bloomberg News relates BHP Billiton abandoned its hostile US$66
billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and
slumping demand for commodities.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

                 Refinancing/Debt Repayment Plans

According to Rio Tinto's statement, the Group has established a
hierarchy of options for the repayment of the amounts drawn under
facilities A and B of the Alcan financing facility.

The Group's primary intention is to utilize the generation of
additional free cash flow following reduced capital and
operational expenditure.

The Group is proceeding with an expanded divestment program.  The
Group is in discussions with third parties related to further
divestments or investment at the asset level, including but not
restricted to joint ventures, which may lead to additional capital
entering the Group, or reduced capital expenditure commitments in
the future.

The Group intends to pursue refinancing of the Alcan facilities in
the term market, and will take advantage of credit market
conditions as and when they improve.

In addition to these sources, the Group has available committed
financing of US$4.2 billion under Alcan Facility C (unused at
October 31, 2008) and US$2.3 billion unused committed bilateral
banking facilities.

                Capital and Operating Expenditure
              Review and Guidance for 2009 and 2010

Rio Tinto disclosed total capital expenditure for the Group in
2009 is forecast to reduce from over US$9 billion to US$4 billion,
of which US$2 billion will be sustaining capital expenditure.
There will be impacts on projects across the board and stakeholder
engagements are currently underway.  Some projects will be
canceled and others deferred until markets recover.

Further detail will be provided to the market in the first quarter
of 2009.

The Group will take the opportunity of project deferments to
optimize project design, revisit costs and reduce further capex
requirements.

Capital expenditure plans for 2010 will be reviewed throughout the
year, assessing current and future market conditions. Capital
expenditure levels will be reduced towards sustaining capital
levels, if current demand and pricing weakness continues.

In addition to undertaking a review of capital expenditure, the
Group has reviewed its controllable operating expenditure, and has
plans in place to reduce operating and functional costs by at
least US$2.5 billion per annum by the end of 2010, based on
current production rates and unflexed for currency and oil.

Measures to reduce costs include:

   -- Reducing global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million)

   -- Consolidation of offices around the Group, including the
      London head office

   -- Rapid acceleration in 2009 of outsourcing and off-shoring of
      IT and procurement

   -- Deferral of exploration and evaluation expenditure

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


SEVERN CRUISES: Names Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
River Severn Cruises Ltd. on Nov. 26, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         6th. Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


UK RECEIVABLES: Moody's Downgrades Ratings on 16 Note Classes
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 16 classes
of asset-backed notes issued under the UK Receivables Trust II,
the ratings of the Class B asset-backed notes issued by Chester
Asset Receivables Dealings No.11 PLC and the ratings of the Class
B asset-backed notes issued by Chester Asset Receivables Dealings
No.12 PLC under the UK Receivables Trust

The downgrades were prompted by Moody's decreasing the stressed
payment rate assumption on MBNA's UK credit card trust in order
for it to be better aligned with assumptions taken in other credit
card trusts rated by Moody's.  The current economic environment
places more importance on making this adjustment.  In addition,
Moody's expects that charge-offs in the trust may increase based
on the negative trend delinquencies are demonstrating, as well as
an increased use of debt management programs.  Moody's notes that
the Class A Notes issued by the Issuer are under negative pressure
as a result of the changes in assumptions and may experience more
volatility should performance of the trust deteriorate further.
Finally, Moody's has a negative outlook for UK credit card asset-
backed securities.

The notes are backed by credit card receivables issued to UK
customers.  As of October 31, 2008, the pools comprised over 8.8
million accounts and more than GBP7.4 billion of assets backed the
notes.

Under UK Receivables Trust II:

Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester
Asset Receivables Dealings 2002-A PLC, Chester Asset Receivables
Dealings 2003-B PLC, Chester Asset Receivables Dealings 2003-C
PLC, Chester Asset Receivables Dealings 2004-1 PLC

  -- Date of last rating action: September 25, 2008

  -- Methodology used: "Moody's Approach to Rating Credit Card
     Receivables-Backed Securities", 16 April 2007

Moody's ratings address only the credit risks associated with the
transaction, other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.

The rating is published.  Moody's will publicly disseminate any
change in the ratings through normal print and electronic media,
and in response to requests to the Moody's rating desk, in
accordance with Moody's standard practice at the time.

  -- GBP12,500,000 Asset Backed Floating Rate Notes due 2011,
     Class B, Series UK2001-B, downgraded to A3 from A1

  -- GBP17,500,000 Asset Backed Floating Rate Notes due 2011,
     Class C, Series UK2001-B, downgraded to Ba1 from Baa2

  -- EUR39,000,000 Asset Backed Floating Rate Notes due 2009,
     Class B, Series UK2002-A, downgraded to A3 from A1

  -- EUR54,500,000 Asset Backed Floating Rate Notes due 2009,
     Class C, Series UK2002-A, downgraded to Ba1 from Baa2

  -- GBP12,500,000 Asset Backed Floating Rate Notes due 2013,
     Class B, Series UK2003-B, downgraded to A3 from A1

  -- GBP17,500,000 Asset Backed Floating Rate Notes due 2013,
     Class C, Series UK2003-B, downgraded to Ba1 from Baa2

  -- EUR35,500,000 Asset Backed Floating Rate Notes due 2010,
     Class B, Series UK2003-C, downgraded to A3 from A1

  -- EUR49,500,000 Asset Backed Floating Rate Notes due 2010,
     Class C, Series UK2003-C, downgraded to Ba1 from Baa2

  -- GBP25,000,000 Asset Backed Floating Rate Notes due 2014,
     Class B, Series UK2004-1, downgraded to A3 from A1

  -- GBP35,000,000 Asset Backed Floating Rate Notes due 2014,
     Class C, Series UK2004-1, downgraded to Ba1 from Baa2

Issuer: Chester Asset Receivables Dealings Issuer Limited

  -- Series 2004-B1 EUR125,000,000 Class B Asset Backed Floating
     Rate Notes due 2011, downgraded to A3 from A1

  -- Series 2004-C1 €175,000,000 Class C Asset Backed Floating
     Rate Notes due 2011, downgraded to Ba1 from Baa2

  -- Series 2006-B1 GBP50,000,000 Class B Asset Backed Floating
     Rate Notes due 2013, downgraded to A3 from A1

  -- Series 2006-C1 GBP70,000,000 Class C Asset Backed Floating
     Rate Notes due 2013, downgraded to Ba1 from Baa2

Under UK Receivables Trust:

Issuers: Chester Asset Receivables Dealings No. 11 PLC, Chester
Asset Receivables Dealings No. 12 PLC

  -- GBP20,000,000 Asset Backed Floating Rate Notes due 2010,
     Class B, Chester Asset Receivables Dealings No.11 PLC,
     downgraded to A3 from A1

  -- GBP12,000,000 Asset Backed Floating Rate Notes due 2011,
     Class B, Chester Asset Receivables Dealings No.12 PLC,
     downgraded to A3 from A


ULYSSES PLC: Fitch Downgrades Ratings on Class E Notes to 'BB+
--------------------------------------------------------------
Fitch Ratings has downgraded Ulysses (European Loan Conduit No.
27) plc's class B, C, D and E notes due 2017, and revised the
notes' corresponding Outlooks to Negative from Stable.  The agency
has simultaneously affirmed the 'AAA' ratings of the class A, X1
and X2 notes:

  -- GBP290 million class A (XS0308745107) affirmed at 'AAA';
     Outlook remains Stable

  -- Class X1 affirmed at 'AAA'; Outlook remains Stable

  -- Class X2 affirmed at 'AAA'; Outlook remains Stable

  -- GBP76 million class B (XS0308747657) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP48 million class C (XS0308748200) downgraded to 'A'
     from 'AA'; Outlook revised to Negative from Stable

  -- GBP45 million class D (XS0308748622) downgraded to 'BBB'
     from 'A'; Outlook revised to Negative from Stable

  -- GBP11 million class E (XS0308749356) downgraded to 'BB+'
     from 'BBB+'; Outlook revised to Negative from Stable

The downgrades and Outlook revisions reflect the ongoing
deterioration of the City of London office market, which has seen
reported value declines of over 30% since 2007.  The transaction
is secured on City Point, a single Grade A office property located
in Moorgate in the City of London.  Although the property has not
been re-valued since the transaction closed in July 2007, Fitch
estimates that its value is likely to have declined by
approximately 26%.  This results in Fitch loan-to-value ratios on
the securitized A-note and whole loan of 91% and 113%,
respectively.

As of October 2008, there have been no significant changes on the
collateral income since closing.  Both the A-note and whole loan
interest coverage ratios are unchanged at 1.23x and 0.95x,
respectively.  The difference between net rental income and debt
service requirements is being paid by the sponsor guarantor, a
limited partnership managed by the loan sponsor (Beacon Capital
Partners), and this will continue until the whole loan ICR rises
above 1.03x on a one-year forward looking basis or January 2010,
whichever is later.  At closing, the property was 17% under-
rented.  Approximately 70% of the existing leases will have rent
reviews in 2010.


VERTICAL BLIND: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery,
were appointed joint administrators of The Vertical Blind Factory
Ltd. on Nov. 25, 2008.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


VIANET GROUP: To Appoint Administrators; To Sell Sole Trading Unit
------------------------------------------------------------------
Vianet Group plc in a press statement on Monday said
exclusive discussions are ongoing with a third party concerning a
possible disposal of its sole trading subsidiary, Vianet Ltd.

The unit has received interim funding of GBP100,000 from the
third party, the company said.

The funding, according to the company, has been made available
after major shareholder Barkley Ltd said it would not pay
GBP150,000 due November 26, 2008 under the terms of a loan
facility agreed on October 17, 2008.

The company on Monday filed in the Court of Session its
notification of intention to appoint administrators.

It is expected that completion of the disposal of the unit will be
concluded within a few weeks after the appointment of
administrators.

The company however noted the unit continues to trade as a going
concern.

Headquartered in Dunfermline, United Kingdom, Vianet Group plc --
http://www.vianet.co.uk-- is primarily engaged in the development
and provision of mobile data-connectivity, cashless-payment
systems and remote data management vending solutions.
The Company's services are often referred to as Smart services.
The Company's wholly owned subsidiaries include Vianet Ltd, which
is engaged in the remote data collection and vOpen Ltd, which is a
dormant company.


WAGON AUTOMOTIVE: Enters Into Administration
--------------------------------------------
Wagon Automotive, which employs 4,500 staff across Europe, is to
go into administration after its banks, led by Royal Bank of
Scotland, refused to back an emergency funding package, John
O'Doherty and Michael Kavanagh at the Financial Times reports.

Zolfo Cooper will be appointed as administrators of Wagon and
several of its British subsidiaries, the FT relates.

Wagon meanwhile said decisions on the overseas group companies
have not been made but it is anticipated that some may be able to
continue to trade without needing insolvency protection, the FT
discloses.

According to the FT, up to 500 jobs are at risk at the company's
two plants in Coventry and Walsall, and its head office in
Birmingham.

However, the FT notes more jobs could be at risk in Germany, which
accounts for 20 per cent of Wagon's workforce, and France, where
more than half its workers are based.

Wagon, the FT states, had been hit by a downturn in European car
sales.  Its shares were suspended in October, the FT recounts.


===============
X X X X X X X X
===============


* EU Commission Publishes Guidance on Bank Recapitalization
-----------------------------------------------------------
The European Commission has published detailed guidance on how
Member States can recapitalize banks in the current financial
crisis to ensure adequate levels of lending to the rest of the
economy and stabilize financial markets while avoiding excessive
distortions of competition, in line with EU state aid rules.  The
guidance takes account of the fact that the credit crunch is now
beginning to affect the real economy and that financially sound
banks may need state capital to ensure an adequate level loans to
companies.  The Communication complements and refines the broader
guidance document adopted on October 13, 2008, to ensure Member
States had rapid guidance on the adequate pricing of state capital
injections into banks designed to stabilize the banks themselves.
The present guidance further addresses the necessity of
appropriate safeguards to ensure that the public capital is used
to sustain lending to the real economy and not to finance
aggressive commercial conduct to the detriment of competitors who
manage without state aid.  Such safeguards also need to provide
incentives for maintaining state intervention in the financial
sector only as long as the crisis in the financial markets so
requires.  This approach ensures fair competition between Member
States, fair competition between banks and a return to normal
market functioning as soon as possible.

Competition Commissioner Neelie Kroes said: "Rapid and effective
intervention by national governments has stabilized the financial
system. We now need to look to the real economy.  This
Communication strikes the right balance between keeping a stable
flow of credit to the real economy, stabilizing financial markets
and preserving a level playing field for banks in Europe.  It
demonstrates that these objectives can not only be reconciled but
are mutually reinforcing.  The establishment of a framework that
guarantees a consistent approach to state recapitalization of
banks while taking account of a range of different circumstances
testifies once more to the Commission's important role in
overcoming the current crisis".

The Communication, which takes full account of the recommendations
of the European Central Bank and has been discussed with Member
States, is based on the same fundamental principle as the October
13 guidance, namely that state support for banks must not result
in recipient banks enjoying an artificially advantageous
competitive position compared to banks not receiving aid e.g. in
other Member States.  The latest Communication complements the
13th October guidance by distinguishing between banks that are
fundamentally sound and receive temporary support to enhance the
stability of financial markets and foster undisturbed access to
credit for citizens and companies on the one hand, and distressed
banks whose business model has brought about a risk of insolvency
on the other hand. State support for distressed banks implies a
greater risk of competition distortions, therefore safeguards must
be stricter and a thorough restructuring is necessary.

In particular, the Communication establishes principles for the
pricing of state capital injections into fundamentally sound banks
based on base rates set by central banks to which a risk premium
is added that has to reflect the risk profile of each beneficiary
bank, the type of capital used and the level of safeguards
accompanying the recapitalization to avoid abuse of the public
funding.  Riskier banks will have to pay a higher rate of
remuneration.  The pricing mechanism needs to carry a sufficient
incentive to keep the duration of state involvement to a minimum,
for example through a remuneration rate that increases over time.

Banks in distress that face a risk of insolvency should in
principle be required to pay more for state support and to observe
stricter safeguards.  The use of state capital for such banks can
be accepted only on the condition of a far-reaching restructuring
restoring their long-term viability, including where appropriate a
change in management and in corporate governance.

Member States have the possibility of creating schemes for
recapitalization that are open to all banks if the rate of
remuneration is set at a predetermined level which ensures an
appropriate overall return over time.

The Commission will monitor and review the recapitalization
measures taken by Member States. Six months after an individual
measure or after the introduction of a recapitalization scheme,
the Member State concerned will report to the Commission on how
the state capital has been used.  The report must also include an
exit strategy for fundamentally sound banks and a restructuring
plan for distressed banks.


* Former Chrysler Chief Opposes Ouster of Big 3 CEOs
----------------------------------------------------
Mike Spector posted on The Wall Street Journal blog that former
Chrysler LLC chairperson and chief executive Lee Iacocca doesn't
agree with calls from the Congress that CEOs of Chrysler, Ford
Motor Co., and General Motors Corp. be laid off as a condition of
a government financial bailout.  According to the blog,
Mr. Iacocca had persuaded the Congress to extend Chrysler about
US$1.5 billion in loans in 1979, and those loans had been paid
back, with interest.  According to Mr. Spector, Mr. Iacocca was
also president of Ford Motor.

Mr. Iacocca said in a statement, "Having been there, I do not
agree with the sentiment now coming out of Congress that the
management should be changed as a condition of granting loans to
the Detroit auto makers.  "You don't change coaches in the middle
of the game, especially when things are so volatile . . . . The
industry has been brutalized by a totally unpredictable series of
events over which it had little control and that is beating it
unmercifully into the ground.  The companies may not be perfect
but the guys who are running them now are the only ones with the
experience and the in-depth knowledge and understanding of how the
car business really works.  They're by far the best shot we have
for success.  I say give them their marching orders and then let
them march.  They're the right people to get the job done."

Corey Boles posted on the WSJ blog that a senior congressional
aide said on Monday that the CEOs of Ford Motor, Chrysler, and GM
wouldn't lose their jobs as part of a government bailout.  A
proposal, says Mr. Boles, is being considered that would require
the firms to hire separate chairpersons to oversee management.

            GM Seeks Workers' Support for CEO

John D. Stoll and Sharon Terlep posted in the WSJ blog that GM
officials sent salaried engineers an e-mail on Tuesday asking them
to sign on to a letter asking that CEO Rick Wagoner and other
managers stay at the company.

Mr. Stoll and Ms. Terlep say that the letter would be sent to Sen.
Christopher J. Dodd and the Senate Banking Finance Committee.
According to the blog, Sen. Dodd's committee wqould vote this week
on a US$15 billion bailout package for GM, Ford Motor Co. and
Chrysler LLC.  The blog says that Sen. Dodd suggested on Sunday
that Mr. Wagoner step aside.

Mr. Stoll and Ms. Terlep quoted GM spokesperson Tom Wilkinson as
saying, "There is generally a lot of support for Rick among
employees at GM."  The lobbying effort wasn't initiated by Mr.
Wagoner or other ranking executives, the blog states, citing Mr.
Wilkinson.

           Bailout Has Lukewarm Support From Public

Easha Anand at WSJ reports that the lukewarm support that GM, Ford
Motor, and Chrysler's government loan request gets from the public
reflects the situation in the Congress.

According to WSJ, the requested government bailout has backers in
the Congress, but few "champions."

A new Wall Street Journal/NBC News poll, conducted from Dec. 5 to
Dec. 8 and which had a margin of error of plus or minus three
percentage points, indicates that about 46% of U.S. citizens
approve of giving aid to the three auto companies, while about 42%
disapprove.

"It would be nice to bail them out, but you have to take into
consideration what auto workers and executives have been paid for
years.  The country seems to be spending money they do not have,
we're going further and further into debt," WSJ quoted Philip
Hall, a 56-year-old mason who drives a GMC truck, as saying.

Josh Mitchell at WSJ relates that while the White House and top
Democrats have reached an agreement on the principles of a US$15
billion short-term aid package to the automakers, Republicans are
torn between the need to bail out those companies and opposition
based on fiscal principles.  According to the report, rank-and-
file Democrats said they are in favor of a bailout, while some
conservative Republicans are against any package that didn't
include the firms' bankruptcy filing.

WSJ reports that Senate Majority Leader Harry Reid said he hoped
for a vote by Wednesday on the legislative proposals for the
bailout.  Among the conditions in the bailout is that the
government would acquire a stake in the companies.

          Congressman Opposes Bailout for Chrysler

Greg Hitt at WSJ reports that Congressman Steve Kagen has opposed
a bailout for Chrysler LLC, arguing that a take over by parent
company Cerberus Capital Management LP of NewPage Corp. led to
closures of two factories in Northeast Wisconsin, eliminating 750
jobs, Alex P. Kellogg at WSJ states.

WSJ relates that Chrysler CEO Robert Nardelli was also questioned
during congressional hearings last week on why he doesn't seek
help from Cerberus Capital.  Mr. Nardelli, according to the
report, said that he already did but was turned down.  Mr. Kagen
urged Cerberus Capital to put some of its "billions of dollars in
assets" on the table before Congress offers Chrysler any kind of
bailout, the report says.

According to WSJ, Mr. Kagen suggested that Cerberus Capital could
sell the mills it closed in Wisconsin and use that money to boost
Chrysler.  "If Cerberus truly believes Chrysler is a good
investment, then Cerberus should put up some of their own money.
The question is... why are you coming to taxpayers if it's not
such a good deal?"

Mr. Kagen supports a bailout for General Motors Corp. and Ford
Motor Co., WSJ reports.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites
O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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